Morning Note - May 20, 2021

Good Morning!

Equity futures will again open lower as the risk off tone continues. Yields are lower with the 10-yr back down to 1.65%. Dollar is rising. Commodities weaker. VIX hanging around 22. PMIs tomorrow.

Yesterday, was a risk-off type of day, potentially initiated with crypto vol as China banned crypto as a form of payment. Fed Mins showed that the…