Longer-dated Treasury prices have hit the lowest level since 2023.

Dollar-yen has broken from its typical correlation with the 10-year Treasury yield, which Deutsche Bank suggests may signal rising US fiscal risk. Deutsche Bank

The US has the largest fiscal deficit within the G7. Source: MRB Partners

UK inflation surprised to the upside (1 & 2). This surprise was boosted by an unexpected rise in services CPI (3).

Singapore’s Q1 GDP growth topped expectations.

S&P 500 returns tend to be positive with moderate moves in 10-year Treasury yields but decline sharply when yields spike by more than two standard deviations. Goldman Sachs

US consumer confidence rebounded this month, boosted by trade optimism.

Inflation expectations eased in May.

Goldman’s Twitter-based sentiment indicator has surged, diverging from consumer confidence. Goldman Sachs Mike Zaccardi, CFA, CMT 🍖

US house prices declined in March for the first time in 26 months.

Economists have been lowering their projections for Canada’s GDP growth this year.

Morgan Stanley forecasts wider fiscal deficits in Germany compared to previous expectations. Morgan Stanley

The Reserve Bank of New Zealand delivered another rate cut.

Australia’s monthly CPI reading was a bit firmer than expected.

The Kalshi recession probability declined following the court’s ruling on tariffs.

The FOMC minutes revealed growing concerns about inflation (1), and heightened uncertainty (2), with the overall sentiment turning more hawkish at this month's meeting (3).

The market now only sees 43 basis points of rate cuts this year, and the trend of fewer cuts has persisted since early May. Bloomberg Terminal

US rental vacancy rates have been climbing steadily. Arbor Data Science

Bloomberg’s euro-area export tracker indicates a steep drop in Eurozone exports. Bloomberg Terminal

The Bank of Korea cut its policy rate to 2.50%, its fourth reduction in the current cycle, reinforcing a dovish stance amid trade headwinds and pre-election fiscal stimulus pledges.