2018 Economic Calendar
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Market Reflections  

May 15, 2018
The day's economic news proved mostly solid led by a retail sales report for April that came in at a modest 0.3 percent gain which comes on top of, however, an upward revised and very strong 0.8 percent gain in March. Empire State manufacturing easily beat expectations on strength in new orders and including a welcome rebound in the outlook which crumbled in the prior report on tariff concerns.

Treasuries sold off on the results which perhaps do raise the risk, however modestly, for less gradual Fed rate hikes ahead. The 10-year Treasury yield rose a sizable 7 basis points on the day and is moving over 3 percent at 3.07 percent. Higher Treasury yields often draw money out of gold which doesn't pay a yield as gold fell $25 to $1,290. And higher yields are often a plus for the dollar, attracting foreign investors and helping the dollar index to rise 0.6 percent to 93.24. The Dow ended a 5-session winning streak with a 0.8 percent loss to 24,706.

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