Next week the week will start s him himlowly as the US will be on holiday in observance of Memorial Day. Generally speaking, market activity is lighter on major US holidays although it does not necessarily need to be the case.
Key releases and events include:
Monday, May 30
- US holiday in observance of Memorial Day. Stock and bond markets are closed.
- FOMC member Waller is due to deliver a speech titled “The economic outlook and some thoughts on a soft landing” at the Inst. for monetary and financial stability, in Frankfurt Germany
Tuesday, May 31
- Canada GDP month-to-month, 8:30 AM ET. Estimate 0.5% vs. 1.1% last month
- US conference Board consumer confidence. 10 AM ET. Estimate 103.9 vs. 107.3 last month
Wednesday, June 1
- Australia’s GDP quarter on quarter. 9:30 PM ET on Tuesday. Estimate 0.6% vs. 3.4% last
- Bank of Canada interest rate decision. 10 AM ET. The Bank of Canada is expected to raise rates by 50 basis points. It will be the 3rd rate hike and will bring the target rate to 1.5% – the highest rate since January 2020. The hike comes after a similar rise of 50 basis points at the April 13 decision. On March 2, the central bank raise rates by 25 basis points to launch the rate hike progression.
- US ISM manufacturing PMI. 10 AM ET. The expectations are for the PMI decline to 54.9 from 55.4. The regional indices have all been weaker than expectations.
- JOLTS job openings. 10 AM ET. The JOLTS job openings have remained strong with job openings at record levels and quit rate also elevated. Employment length. There have been a number of job slowdown announcements recents. Below is a list of those announcements.