The new week starts slowly with the US and UK markets closed on Monday, May 25. Even then, the economic calendar is light. With shutdowns easing in May, April data is too dated to be of much interest to investors. The preliminary May PMIs last week offered a hint that the low point for many high-income countries could be past.
The US will report more survey data from the regional Feds, the Conference Board, and the University of Michigan. The Federal Reserve’s is released in the middle of the week ahead of the FOMC meeting on June 10. It is an anecdotal survey from different regions. They typically are not market movers.
In terms of hard data, the US reports April’s income and consumption figures. April has already been written off, and economic forecasts are sobering. The three regional Fed trackers (St. Louis, New York, Atlanta) range from an annualized contraction in Q2 of 31%-48%. are projected to have fallen by around 12.5% after a 7.5% decline in March. Although May is…
