Gliding into Friday
May 29, 2026
***********
–Uneventful day with slightly flatter curve, easier vol in rates. Ten year yield -2.2 bps at 4.457,with 2/10 eking out a new recent low at 43.2. On and off peace agreement has oil moving lower. This morning 87.45, down 1.45, despite repeated warning (latest from Exxon CEO) of dangerously low inventories.
–News today includes: trade and chgo pmi.
–After yesterday’s Personal Income and Spending reports, Personal Savings rate down to 2.6% for April, a new recent low. In June of 2022 it got down to 2.2%. In Nov 2007, just before the Housing burst, it was 1.9%, but the low was July 2005 at 1.4%. From 2013 to 2018 it was and avg of about 5.3 to 5.4%. We have portfolio gains…why save??
–Another snippet indicated that more people are borrowing or otherwise raiding 401k’s. Likely not large enough to make a macro difference; these average retirement account balances don’t seem particularly large.
