- On Tuesday, investors will eye the Conference Board confidence report. Headline figures are expected to drop slightly to 100, hinting at tepid consumer spending activity.
- Moving to Thursday, the Gross Domestic Product (GDP) revisions for the year are anticipated to hold steady at 1.3%.
- Friday will signify a pivotal event as the May Personal Consumption Expenditures (PCE), the Fed’s preferred gauge of inflation data is due for release.
- Both headline and core PCE are expected to drop to 2.6% YoY from 2.7% and 2.8%, respectively, in April.
- Despite encouraging progress on inflation, multiple Fed officials, including Chair Powell, recommended that markets maintain composure and not exaggerate the implications of one or two months of favorable data.
- However, the market pins November as the most likely time frame for a cut but is expecting a 70% chance of a cut in September. Forthcoming data will prove to be instrumental in creating market bets
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