Markets are eagerly anticipating the minutes from the Fed’s late-April meeting on Wednesday, along with speeches from key Fed officials, especially those on the rate-setting committee. April’s soft inflation readings have shifted market focus to a potential rate cut in September, making any new cues on interest rates highly anticipated.
However, Fed officials have emphasized the need for more evidence of easing inflation. The economic calendar also includes reports on new and existing home sales, durable goods orders, and consumer sentiment.
The U.S., China, the eurozone, and the U.K. are all set to release May PMI data, which should reinforce a brighter global economic outlook.
The Reserve Bank of New Zealand is expected to leave rates unchanged on Wednesday for the seventh consecutive meeting amidst persistent inflation and a stalling economy.
The U.K. will publish April CPI data on Wednesday, with economists expecting the annual inflation rate to have slowed dramatically, nearing the Bank of England’s 2% target.
Nvidia’s quarterly results on Wednesday could set the tone for U.S. stock markets. Nvidia’s shares have jumped over 90% this year after more than tripling in 2023, making the AI darling the third-largest U.S. company by market value.
