From the Desk

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Recent Economic Commentary

Brandon Casey, Member Strategist - 5/23/2024

U.S. stocks are mixed Thursday morning as investors digest economic data and Nvidia earnings. The Nasdaq rose to a new record high, the S&P 500 edged higher, and the DJIA is lower in early trading. The release of the FOMC minutes yesterday showed that officials were concerned about the lack of progress on inflation over the last couple of months. The minutes also showed that some officials were opening to raising rates down the line, if needed.

Looking at economic data today, initial jobless claims fell to 215,000 last week, down from 223,000. Initial claims had been forecasted to fall to 220,000. Continuing claims rose 8,000 to 1.79 million.

Elsewhere, new home sales fell 4.7% to an annual rate of 634,000 in April, well below expectations of 675,000. The March rate was revised to 665,000, down from 693,000. The median sales price was $433,500 and the average sales price was $505,700.

Lastly, the flash May reading of the S&P Global U.S. Manufacturing PMI increased to 50.9, versus expectations of remaining unchanged at 50.0. The Services PMI rose to 54.8, the highest level since May 2023, versus expectations of remaining unchanged at 51.3. The Composite reading for the month was 54.4.

U.S. Treasury yields are higher this morning, with the 2-year Treasury yield up 7.2 basis points to 4.95%, the 5-year Treasury yield up 7.5 basis points to 4.55%, and the 10-year Treasury yield up 5.8 basis points to 4.49%. Longer-term advance rates are higher today.

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