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May 1 is in the books on Wall Street with equity markets having edged higher and treasuries retreating. Bipartisan agreement over budget plan to keep the lights on in Washington until September buoyed stock markets early on before weak manufacturing data caused a mid-morning wobble. But sentiment held firm and volatility subsided into the afternoon, with the CBOE's VIX index hitting a decade low in the mid-afternoon.
The Mexican peso strengthened against the dollar on news of a budget deal, which included a provision for border security so long as it was not put toward plans for a border war with the country. In treasury markets, the 30-year sold off rapidly following comments from Steven Mnuchin, the Treasury Secretary, that the issuance of a new ultra-long bond with a maturity exceeding the current 30-year threshold would absolutely make sense for the US government to fund itself. Oil prices fell and gold also weakened. And that the New York Minute.