Digest | 21 May 2025
- Edward von der Schmidt
- May 22
- 3 min read
Equities languished as fickle demand for longer-dated US Treasuries invoked debt sustainability concerns with House budget legislation set to materially increase federal deficits. The dollar plumbed two week lows against the yen, bitcoin registered an all-time high, and oil retreated in the face of further output hikes. Signs of progress on US trade negotiations have been sparse. The Russia-Ukraine conflict appears entrenched. On Thursday, preliminary PMIs for May will shed light on service sector activity.