Upbeat comments from Weidmann on Germany – Don’t see any reason to assume we’re at an economic turning point, we’re still experiencing economic boom – Says ‘air is getting thinner’ in German economy Economic boom? If that’s an economic boom, then what do you call 6% growth in China?
Eurozone April consumer confidence data – Prior was -0.10 There was a skew in the polls with Reuters at -0.20 and Bloomberg at -0.10. This is the best reading since +1.4 in January. It’s also a rare piece of good news for the Eurozone after months of missing estimates.
Evans in Chicago Similar comments from a speech Evans made on Tuesday, where he said he sees no risk of breakaway inflation. He will answer questions from the audience and media later.
It’s been a strong month so far European equity markets have dwarfed US markets this week. The S&P 500 is slumping today and the weekly gain is down to 0.67% in the S&P 500.
Brainard comments on CNBC – Economic outlook is quite solid – Inflation moving towards target is encouraging – US job market continues to tighten – There are risks on the horizon, we need to be on guard There’s one little caveat on growth but she’s largely upbeat. The US dollar hasn’t really reacted but if…
Says ministers will reconvene next week Sounds like everyone is trying to get down to business. Freeland said they are making ‘good progress’. A separate headline from the Mexican minister says they will meet again on Tuesday.
Weekly oil and gas drilling rig data from Baker Hughes – Prior was 815 – Natural gas rigs flat at 192 There was a survey that said 820 was ‘expected’, but I would be wary of that.
USD/JPY shrugs off stock market weakness It’s a push-and-pull with USD/JPY on most days. Today it’s weakness in the stock market trying to push it lower but higher Treasury yields are the overwhelming force, pulling it higher.
Williams sure is talking a lot lately – In the context of strong labor market, wage growth and stable inflation he sees continued rate increases – Expects new normal for the Fed’s balance sheet to be around $3 trillion Williams is the second Fed member within an hour to talk about higher deficits and debt steepening…
Looks like it’s going to be a showdown between the NY and Atlanta Fed with some diverging GDP forecasts
Q1 GDP is due on Friday The New York Fed is out with its final Nowcast GDP estimate ahead of Q1 advance GDP on Friday. The estimate ticked up to 2.91% from 2.79% a week ago.