Daily Market Color May 24, 2022Rates Fall Sharply as Growth Fears Re-Emerge Rates resume pullback, approach multiweek lows. Risk assets came under pressure once again on growth fears, the same move sparking a pronounced move lower in Treasury yields and swap rates. Rates closed 10-15bps lower on the day and are near multiweek lows across a range of maturities- the 10-year Treasury yield trading as low as 2.72% before ending the day at 2.75%. FOMC minutes due tomorrow. The Fed’s minutes from its last meeting are due tomorrow. With the central bank seemingly locked in on at least two more 50bp hikes, the minutes should provide some clues as to the committees’ plans beyond this summer. Atlanta Fed President Raphael Bostic has advocated loudly for a “patient” approach towards policy tightening, tomorrow’s minutes could reveal if others on the committee share his opinion. Day ahead. Outside of the Fed’s minutes, the market will get the latest look at durable and capital goods orders for the month of April. Current forecasts call for orders to increase, but at a reduced rate from March when they increased by 1%+ across the board.