8:30 Real GDP (1Q15, adv. est.) 2:00 FOMC Policy Statement (no Yellen press conference) 10:00 Pending Home Sales (Mar)

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1 May May (Kentucky Derby May 2) 9:00 S&P/C S Home Prices (Feb) 10:00 Consumer Confidence (Apr) 8:30 Real GDP (1Q15, adv. est.) (no Yellen press conference) 10:00 Pending Home Sales (Mar) 8:30 Jobless Claims (4/25) 8:30 Empl. Cost Index (1Q15) Personal Spending (Mar) 9:45 Chicago PMI (Apr) 9:45 Markit US Manf. (Apr, final) 9:55 UM Cons. Sentiment (Apr) 10:00 Const. Spending (Mar) 10:00 ISM Manf. Survey (Apr) TBA Motor Vehicle Sales (Apr) Auction: 13 & 26 wk bill, 2 yr note Auction: 4 & 52 wk bill, 5 yr note Auction: 2 year FRN, 7 year note :00 Factory Orders (Mar) 8:30 Trade Balance (Mar) 10:00 ISM Non Manf Survey (Apr) 8:15 ADP Payroll Est. (Apr) 8:30 Productivity (1Q15, prelim.) 8:30 Jobless Claims (5/2) 8:30 Employment Report (Apr) Auction: 13 & 26 wk bill Auction: 4 week bill Annc: 3 & 10 yr note, 30 year bond (Preakness Stakes May 16) 9:00 Small Business Opt. (Apr) 8:30 Import Prices (Apr) 8:30 Jobless Claims (5/9) 8:30 Empire State Manf. (May) 10:00 JOLTS (Mar) 8:30 Retail Sales (Apr) 8:30 Producer Price Index (Apr) 9:15 Industrial Production (Apr) 2:00 Treasury Budget (Apr) 10:00 Business Inventories (Mar) 10:00 UM Cons. Sentiment (m May) Auction: 13 & 26 wk bill Auction: 4 week bill, 3 yr note Auction: 10 year note Auction: 30 year bond (Indianapolis 500 May 24) 10:00 Homebuilder Sent. (May) Housing Starts (Apr) Memorial Day 2:00 FOMC Minutes (Apr 28 29) 8:30 Jobless Claims (5/16) 9:45 Markit US Manf. (May, flash) 10:00 Leading Indicators (Apr) 10:00 Existing Home Sales (Apr) 10:00 Philly Fed Index (May) Annc: 2, 5, 7 year note 8:30 Consumer Price Index (Apr) 8:30 Real Earnings (Apr) 1:00 Yellen Speaks (U.S. Economic Outlook) Auction: 13 & 26 wk bill Auction: 4 week bill Auction: 10 year TIPS(r) :30 Durable Goods Orders (Apr) 8:30 Jobless Claims (5/23) 8:30 Real GDP (1Q15, 2nd est.) 9:00 S&P/C S Home Prices (Mar) 10:00 Pending Home Sales (Apr) 9:45 Chicago PMI (May) 10:00 New Home Sales (Apr) 10:00 UM Cons. Sentiment (May) 10:00 Consumer Confidence (May) BOC Monetary Policy Decision Auction: 4 & 52 week bill Auction: 13 & 26 wk bill, 2 yr note Auction: 2 yr FRN (r), 5 yr note Auction: 7 year note

2 June June NBA Finals begin 5 (Belmont Stakes June 6) 10:00 Factory Orders (Apr) 8:15 ADP Payroll Est. (May) 8:30 Jobless Claims (5/30) 8:30 Employment Report (May) Personal Spending (Apr) 9:45 Markit US Manf. (May, final) 10:00 ISM Manf. Survey (May) 10:00 Const. Spending (Apr) TBA Motor Vehicle Sales (May) 8:30 Trade Balance (Apr) 10:00 ISM Non Manf Survey (May) 2:00 Fed Beige Book 8:30 Productivity (1Q15, revised) Auction: 13 & 26 wk bill Auction: 4 week bill Annc: 3 & 10 yr note, 30 yr bond (French Open Finals June 6, 7) :00 Small Business Opt. (May) 10:00 JOLTS (Apr) 2:00 Treasury Budget (May) 8:30 Jobless Claims (6/6) 8:30 Import Prices (May) 8:30 Retail Sales (May) 10:00 Business Inventories (Apr) 8:30 Producer Price Index (May) 10:00 UM Cons. Sentiment (m Jun) Auction: 13 & 26 wk bill Auction: 4 week bill, 3 yr note Auction: 10 year note (r) Auction: 30 year bond (r) :30 Empire State Manf. (Jun) 8:30 Jobless Claims (6/13) 9:15 Industrial Production (May) Housing Starts (May) 2:00 Fed Econ Projections 8:30 Consumer Price Index (May) 10:00 Homebuilder Sent. (Jun) 2:30 Yellen Press Briefing 8:30 Real Earnings (May) Quadruple Witching 8:30 Current Account (1Q15) 10:00 Philly Fed Index (Jun) 10:00 Leading Indicators (May) Annc: 2, 5, 7 yr note Auction: 13 & 26 wk bill Auction: 4 week bill Auction: 30 year TIPS(r) :00 Existing Home Sales (May) 8:30 Durable Goods Orders (May) 8:30 Real GDP (1Q15, 3rd est.) 8:30 Jobless Claims (6/20) 10:00 UM Cons. Sentiment (Jun) 9:45 Markit US Manf. (Jun, flash) 10:00 New Home Sales (May) Personal Spending (May) Auction: 13 & 26 wk bill Auction: 4 & 52 week bill, 2 yr note Auction: 2 yr FRN(r), 5 yr note Auction: 7 yr note July :00 Pending Home Sales (May) 9:00 S&P/C S Home Prices (Apr) 9:45 Chicago PMI (Jun) 10:00 Consumer Confidence (Jun) 8:15 ADP Payroll Est. (Jun) 9:45 Markit US Manf. (Jun, final) 10:00 ISM Manf. Survey (Jun) 10:00 Const. Spending (May) TBD Motor Vehicle Sales (Jun) 8:30 Jobless Claims (6/27) 8:30 Employment Report (Jun) 10:00 Factory Orders (Apr) 2:00 SIFMA Rec. Early Close Auction: 13 & 26 wk bill Auction: 4 week bill Annc: 3 & 10 yr note, 30 yr bond Independence Day (Obs)

3 July June 30 1 July :00 Pending Home Sales (May) 9:00 S&P/C S Home Prices (Apr) 9 :45 Chicago PMI (Jun) 10:00 Consumer Confidence (Jun) 8:15 ADP Payroll Est. (Jun) 9:45 Markit US Manf. (Jun, final) 10:00 ISM Manf. Survey (Jun) 10:00 Const. Spending (May) TBD Motor Vehicle Sales (Jun) 8:30 Jobless Claims (6/27) 8:30 Employment Report (Jun) 10:00 Factory Orders (May) 2:00 SIFMA Rec. Early Close Independence Day (Obs) Annc: 3 & 10 yr note, 30 yr bond (Wimbledon Finals July 11, 12) 10:00 ISM Non Manf Survey (Jun) 8:30 Trade Balance (May) 10:00 JOLTS (May) 2:00 FOMC Minutes (Jun 16 17) 8:30 Jobless Claims (7/4) & 3 year note Auction: 10 year note (r) Auction: 30 year bond (r) MLB All Star Game :00 Treasury Budget (Jun) 8:30 Import Prices (Jun) 8:30 Retail Sales (Jun) 9:00 Small Business Opt. (Jun) 10:00 Business Inventories (May) 8:30 Jobless Claims (7/11) 10:00 Philly Fed Index (Jul) 10:00 Homebuilder Sent. (Jul) 8:30 Producer Price Index (Jun) 8:30 Empire State Manf. (Jul) 9:15 Industrial Production (Jun) 2:00 Fed Beige Book BOC Monetary Policy Decision :00 Existing Home Sales (Jun) 8:30 Jobless Claims (7/18) 10:00 Leading Indicators (Jun) 8:30 Consumer Price Index (Jun) 8:30 Real Earnings (Jun) Housing Starts (Jun) 10:00 UM Cons. Sentiment (m Jul) 9:45 Markit US Manf. (Jul, flash) 10:00 New Home Sales (Jun) Annc: 2, 5, & 7 yr note Auction: 13 & 26 week bill Auction: 4 & 52 week bill Auction: 10 year TIPS :30 Durable Goods Orders (Jun) 9:00 S&P/C S Home Prices (May) 10:00 Consumer Confidence (Jul) 10:00 Pending Home Sales (Jun) (no Yellen press conference) 8:30 Jobless Claims (7/25) 8:30 Real GDP (2Q15, adv. est. + benchmark revisions) 8:30 Trade Balance (Jun) Auction: 13 & 26 wk bill Auction: 4 week bill, 2 year note Auction: 2 year FRN, 5 year note Auction: 7 year note 8:30 Empl. Cost Index (2Q15) 9:45 Chicago PMI (Jul) 10:00 UM Cons. Sentiment (Jul)

4 August August Personal Spending (Jun) 9:45 Markit US Manf. (Jul, final) 10:00 ISM Manf. Survey (Jul) 10:00 Const. Spending (Jun) TBA Motor Vehicle Sales (Jul) 10:00 Factory Orders (Jun) 8:15 ADP Payroll Est. (Jul) 8:30 Trade Balance (Jun) 10:00 ISM Non Manf Survey (Jul) 8:30 Jobless Claims (8/1) 8:30 Employment Report (Jul) :30 Productivity (2Q15, prelim) 10:00 JOLTS (Jun) 9:00 Small Business Opt. (Jul) 2:00 Treasury Budget (Jul) 8:30 Jobless Claims (8/8) 8:30 Import Prices (Jul) 8:30 Retail Sales (Jul) 10:00 Business Inventories (Jun), 3 yr note Auction: 10 year note Auction: 30 year bond :30 Empire State Manf. (Aug) 10:00 Homebuilder Sent. (Aug) Housing Starts (Jul) 8:30 Consumer Price Index (Jul) 8:30 Real Earnings (Jul) 2:00 FOMC Minutes (Jul 28 29) 8:30 Jobless Claims (8/15) 10:00 Philly Fed Index (Aug) 10:00 Existing Home Sales (Jul) 10:00 Leading Indicators (Jul) 8:30 Producer Price Index (Jul) 9:15 Industrial Production (Jul) 10:00 UM Cons. Sentiment (m Aug) Auction: 13 & 26 week bill Auction: 4 & 52 week bill Auction: 5 year TIPS (r) :45 Markit US Manf. (Aug, flash) 9:00 S&P/C S Home Prices (Jun) 10:00 New Home Sales (Jul) 10:00 Consumer Confidence (Aug) 8:30 Durable Goods Orders (Jul) 8:30 Jobless Claims (8/22) 8:30 Real GDP (2Q15, 2 nd est.) 10:00 Pending Home Sales (Jul) 8:30 Trade Balance (Jul) Personal Spending (Jul) 10:00 UM Cons. Sentiment (Aug) Auction: 13 & 26 week bill Auction: 4 week bill, 2 year note Auction: 2 year FRN (r), 5 year note Auction: 7 year note 31 1 September :45 Markit US Manf. (Aug, final) 8:15 ADP Payroll Est. (Aug) 8:30 Jobless Claims (8/29) 8:30 Employment Report (Aug) 10:00 Const. Spending (Jul) 8:30 Productivity (2Q15, revised) 8:30 Trade Balance (Jul) 10:00 ISM Manf. Survey (Aug) 10:00 Factory Orders (Jul) 10:00 ISM Non Manf Survey (Aug) TBA Motor Vehicle Sales (Aug) 2:00 Fed Beige Book

5 September August 1 September :45 Markit US Manf. (Aug, final) 10:00 Const. Spending (Jul) 8:15 ADP Payroll Est. (Aug) 8:30 Productivity (2Q15, revised) 8:30 Jobless Claims (8/29) 8:30 Trade Balance (Jul) 8:30 Employment Report (Aug) 10:00 ISM Manf. Survey (Aug) 10:00 Factory Orders (Jul) 10:00 ISM Non Manf Survey (Aug) TBA Motor Vehicle Sales (Aug) 2:00 Fed Beige Book :00 Small Business Opt. (Aug) 10:00 JOLTS (Jul) 8:30 Jobless Claims (9/5) 8:30 Import Prices (Aug) Labor Day 8:30 Producer Price Index (Aug) 10:00 UM Cons. Sentiment (m Sep) 2:00 Treasury Budget (Aug) Auction: 13 & 26 week bill BOC Monetary Policy Decision Auction: 3 year note Auction: 4 week bill, 10 year note (r) Auction: 30 year bond (r) :30 Retail Sales (Aug) 8:30 Consumer Price Index (Aug) 10:00 Leading Indicators (Aug) 8:30 Empire State Manf. (Sep) 8:30 Real Earnings (Aug) 9:15 Industrial Production (Aug) 10:00 Homebuilder Sent. (Sep) Quadruple Witching 10:00 Business Inventories (Jul) 8:30 Jobless Claims (9/12) Housing Starts (Aug) 8:30 Current Account (2Q15) 10:00 Philly Fed Index (Sep) 2:00 Fed Econ Projections 2:30 Yellen Press Briefing Auction: 13 & 26 week bill Auction: 4 & 52 week bill Auction: 10 year TIPS (r) :00 Existing Home Sales (Aug) 9:45 Markit US Manf. (Sep, flash) 8:30 Jobless Claims (9/19) 8:30 Durable Goods Orders (Aug) 10:00 New Home Sales (Aug) 8:30 Real GDP (2Q15, 3rd est) 10:00 UM Cons. Sentiment (Sep) Auction: 13 & 26 week bill Auction: 4 week bill, 2 year note Auction: 2 year FRN (r), 5 year note Auction: 7 year note October 2 8:30 Trade Balance (Aug) Personal Spending (Aug) 9:00 S&P/C S Home Prices (Jul) 10:00 Pending Home Sales (Aug) 10:00 Consumer Confidence (Sep) 8:15 ADP Payroll Est. (Sep) 8:30 Jobless Claims (9/26) 9:45 Markit US Manf. (Sep, final) 10:00 Const. Spending (Aug) 10:00 ISM Manf. Survey (Sep) TBA Motor Vehicle Sales (Sep) 8:30 Employment Report (Sep) 10:00 Factory Orders (Aug)

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