Category: Headlines
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ECB’s Lagarde says rate hikes are being transmitted forcefully to financing conditions for firms and households The full effects of our monetary policy measures are starting to materialise. Effects of monetary policy tightening on real activity and inflation can be expected to strengthen in the coming years. Price pressures remain strong. No clear evidence that underlying inflation has peaked.
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Citi (C) CEO Fraser says economic outlook is more negative in Europe than in the US; worried about competitiveness in Europe There’s a lot of growth and potential in India. China economy is more sluggish than expected. Felt benefit of being in strong position during turmoil. Handful of banks in idiosyncratic situation and the rest are sound. FDIC replenishment is manageable. Hopes regulatory response is thoughtful and targeted
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US Average Earnings YY* (May) 4.3% vs Exp. 4.4% (Prev. 4.4%)
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US Unemployment Rate* (May) 3.7% vs Exp. 3.5% (Prev. 3.4%)
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US Non-Farm Payrolls* (May) 339k (Prev. 253.0k, Rev. 294k)
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Fed’s Bullard (non-voter, hawk) reiterates, in online essay, that policy is now at the low end of what is arguably ‘sufficiently restrictive’ given current macroeconomic conditions
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US Construction Spending MM * (Apr) 1.2% (Prev. 0.3%)
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US ISM Mfg Prices Paid (May) 44.2 (Prev. 53.2)
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US ISM Manuf New Orders Idx (May) 42.6 (Prev. 45.7)
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US ISM Manuf Employment Idx (May) 51.4 (Prev. 50.2)