It is Tuesday the 23rd of May, here are some things to look out for today.
Shorter maturity yields Treasuries and European government bonds rose this morning, while the dollar rose as traders awaited a deal on the US debt ceiling. The pound fell further against the dollar and the euro following a weaker-than-expected UK PMI.
According to former Fed Chair Bernanke and former International Monetary Fund Chief Economist Blanchard, the Federal Reserve needs to cool off the overheated labor market in order to tame inflation. Still, it's unclear how far unemployment must rise to achieve that.
Two Fed hawks yesterday saw the need to raise rates further this year, just days after Chair Jerome Powell signaled a pause in June, while two other officials advocated patience.
Treasury Secretary Janet Yellen said it is now "highly likely" that her department will run out of cash in early June, and she warned that it could happen as soon as June 1st.
8:30 AM ET
Canadian PPI for April
MoM - Median Forecast: 0.1% / Prior: 0.1% | Range: 0.3% / -0.1%
9:45 AM ET
US S&P PMI Flash (prelim) data for May
Manufacturing - Median Forecast: 50 | Prior: 50.2 | Range: 50.5 / 49.4
Services - Median Forecast: 52.5 | Prior: 53.6 | Range: 54 / 51.8
10:00 AM ET
US New Home Sales (Units) for April
Median Forecast: 0.665M | Prior: 0.683M | Range: 0.71M / 0.645M
1:00 PM ET
US sells $42 bln 2-Year Notes
9:00 AM ET
Fed's Logan makes welcoming remarks at the start of the second day of a conference on technology-enabled disruption hosted by the Richmond Fed.
10:45 AM ET
BoE's Haskel speaks as a panelist at the Federal Reserve Bank of Richmond technology-enabled disruption conference on the "Uncertainty and prospects for disruptive investments ‘Market Uncertainties and Technology Investment: The Role of Intangibles".
11:00 AM ET
ECB's Villeroy speaks at the AFME/OMFIF's 3rd Annual European Financial Integration Conference in Frankfurt.
1:50 PM ET
ECB's Nagel participates in a panel discussion in Berlin.