Morning, Traders!
Happy Monday, it is the 8th of May, here are some things to look out for today.
Sentiment
This morning, the dollar fell against the majority of its Group-of-10 counterparts ahead of the Federal Reserve's quarterly loan officers' survey data. During the Asia session, European stocks advanced, US futures fluctuated, and Treasuries held steady. The Norwegian krone extends its recent rally as oil prices rise.
With a credit crunch, a debt-ceiling standoff, and the risk of extreme weather, the odds are stacked against Jerome Powell's prediction that the United States will avoid a recession.
From automakers to hoteliers, US companies continue to sacrifice sales volume - sometimes by design, sometimes by necessity - in favor of higher prices, a dynamic that will put the Fed's efforts to control inflation to the test.
Treasury Secretary Janet Yellen said there are "simply no good options" for resolving the debt ceiling impasse in Washington other than Congress lifting the cap, and she warned that resorting to the 14th Amendment would result in a constitutional crisis.
Docket
10:00 AM ET
US Wholesale Inventories MoM Revised for March
Median Forecast: 0.1% | Prior: 0.1% | Range: 0.2% / -0.4%
11:00 AM ET
NY Fed Inflation Expectations
11:30 AM ET
US sells $57 bln 3-Month Bills
US sells 48 bln 6-Month Bills
2:00 PM ET
Fed Senior Loan Officer Survey
4:00 PM ET
Fed Financial Stability Report
Speakers
10:00 AM ET
ECB's Lane gives a keynote speech at the Forum New Economy Conference in Berlin
11:00 AM ET
Fed's Goolsbee speaks in a televised interview.
1:00 PM ET
EU Commission VP Vestager & German Economy Minister Habeck speaks
4:45 PM ET
Fed's Kashkari moderated a panel discussion on minimum wage increases.
Good luck!
