It's not too common to refer to a week with Fed meeting minutes as "super slow," but at the risk of complacency, how could the Fed possibly share any new ideas three weeks ago (the minutes are from the May 1st meeting) amid what has been a vast sea of Fed comments since then?  Moreover, how could any Fed member say anything to surprise the market when all of them have been so consistently on message or at least "near message?"  Beyond the Fed minutes and Fed speakers, there's very little by way of market-moving econ data until Thursday and even then, the Thu/Fri reports are not traditionally a big deal.  Last but not least, Friday is a half day before a 3 day weekend.  All we can do in such an environment is watch and wait. 

So far, we're watching modest weakness at the 8:20am CME open, but nothing that changes the prevailing 4.34-4.50 range.  It's not uncommon to see opening/closing times move the market a bit more than normal when everything else is so quiet.

20240520 open.png