May 23, 2018
If there was any doubt, there's even less now after the latest FOMC minutes in which members, supported by strengthening in inflation, said a rate hike is coming "soon," in line with expectations for the second rate hike of the year at the June meeting. In data, a lower-than-expected but still positive new home sales report precedes tomorrow's existing home sales report which is expected to prove flat.
Money moved into bonds with the 10-year Treasury yield back under 3 percent at 2.99 percent for a sizable 7 basis point decline on the day. Oil slipped under $72 at $71.75 with gold firming and near $1,300. The Dow rose 0.2 percent to 24,886.