The use of sales incentives ticked up to 59% in May. The May HMI survey shows 25% of builders cut home prices to boost sales.

Its a builder confidence thing. The May NAHB Housing Market Index, which measures builder confidence, fell 6 points to 45. It’s under the 50 number but this is still an expansion confidence. Weak but still confident.

Initial Jobless Claims fell 10,000 to 222,000. This is higher than previous levels.

Continuing Claims rose 13,000 to 1.794M. These are the highest numbers since November 2021.

Big bond movement yesterday and holding onto those gains today.