- At 12:30 GMT, the weekly Jobless Claims and the Producer Price Index numbers will be released:
- Weekly jobless claims for the last week of May:
- Initial claims are expected to subside a little to 225,000 from 229,000.
- Continuing Jobless Claims should pick up to 1.800 million from 1.792 million.
- May’s Producer Price Index numbers:
- Monthly headline PPI is seen advancing by a marginal 0.1%, easing from the 0.5% increase seen in April. On year, headline PPI is seen rising to 2.5% from 2.2% .
- Monthly core PPI should ease as well to 0.3% from 0.5%. Yearly core PPI should remain stable at 2.4%.
- Weekly jobless claims for the last week of May:
- Federal Reserve Bank of New York President John Williams will be the first Fed speaker to come out of the blackout period that takes place during a Fed rate decision. Williams will participate in a moderated discussion at around 16:00 GMT with US Treasury Secretary Janet Yellen at the Economic Club of New York.
- Equities do not like to be left behind clueless by the Fed, with both Asian and European indexes trading in the red. US futures are up though, with a small exception for the Dow Jones Industrial Index.
- The CME FedWatch Tool shows a 38.5% chance of Fed interest rate at the current level in September. Odds for a 25-basis-points rate cut stand at 56.7%, while a very slim 4.8% chance is priced in for a 50-basis-points rate cut.
- The benchmark 10-year US Treasury Note slides to the lowest level for this month, near 4.31%.
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