Mindblown: a blog about philosophy.
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END OF DAY REPORT JUNE 1st
Players looking forward to the NFP tomorrow as we look to the Fed for direction on rates after rhetoric over the last 2 days indicates a possible skip but that they wont stop raising
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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)
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US ADP National Employment (May) 278k vs. Exp. 170.0k (Prev. 296.0k, Rev. 291k)
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ECB’s Lagarde says today inflation is too high and is set to remain so for too long; we will keep moving forward – determined and undeterred – until we see inflation returning to our 2% medium-term target in a timely manner.
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ECB Minutes: A number of members initially expressed a preference for increasing the key ECB interest rates by 50 basis points in view of the risks to the inflation outlook
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ECB’s Kazaks says market bets on peak ECB rate maybe not far off the mark. Markets are currently honing in around two more 25bp hikes in June and July and then done. Thus it’s noteworthy that Kazaks, one of the hawkish members at the ECB, is not giving much credence to a September hike at this stage
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