US: Latest Atlanta Fed GDPNow Implies Technical Recession (Barely)
Jun-15 17:03
The Atlanta Fed's GDPNow tracker is now an unrounded -0.0017% for the second quarter after today's retail trade and import/export price figures - technically that would represent a first-half recession, given the GDP contraction in the 1st quarter.
- "After recent releases from the US Bureau of Labor Statistics, the US Census Bureau, and the US Department of the Treasury's Bureau of the Fiscal Service, the nowcasts of second-quarter real personal consumption expenditures growth, second-quarter real gross private domestic investment growth, and second-quarter real government spending growth decreased from 3.7 percent to 2.6 percent, -8.5 percent to -9.2 percent, and 1.3 percent to 0.9 percent, respectively."
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US: 17:30ET/22:30 BST: Senate Vote On Ukraine Package Expected
May-16 16:55
The United States Senate will convene today at 15:00 ET 20:00 BST to resume consideration on the ~USD40 billion package of military and humanitarian aid for Ukraine.
- According to the schedule of Majority Leader Chuck Schumer (D-NY) the Senate will vote on the motion to invoke cloture on the bill at 17:30 ET 22:30 BST. If this passes then a final vote on the bill is likely to take place on Wednesday.
- Last week Schumer tried to fast-track a vote but was blocked by Senator Rand Paul (R-KY) who wanted an inspector general to oversee Ukraine funds.
- Senate Minority Leader Mitch McConnell assured reporters on Sunday that the package would be passed with strong bipartisan support this week.
OUTLOOK: Tuesday Data Calendar, Retail Sales, IP/Cap-U, Several Fed Speakers
May-16 16:52
- US Data/Speaker Calendar (prior, estimate)
- May-17 0800 StL Fed Bullard, mon-pol/economic outlook, no text
- May-17 0830 Retail Sales Advance MoM (0.5%, 1.0%)
- May-17 0830 Retail Sales Ex Auto MoM (1.1%, 0.4%); Ex Auto/Gas (0.2%, 0.7%)
- May-17 0830 Retail Sales Control Group (-0.1%, 0.7%)
- May-17 0915 Philly Fed Harker healthcare economic driver
- May-17 0915 Industrial Production MoM (0.9%, 0.5%)
- May-17 0915 Capacity Utilization (78.3%, 78.6%)
- May-17 0915 Manufacturing (SIC) Production (0.9%, 0.4%)
- May-17 1000 Business Inventories (1.5%, 1.9%)
- May-17 1000 NAHB Housing Market Index (77, 75)
- May-17 1230 MN Fed Kashkari moderated townhall discussion
- May-17 1400 Fed Chairman Powell live interview WSJ
- May-17 1430 Cleveland Fed Mester panel discussion, no text or Q&A
- May-17 1845 Chicago Fed Evans economic outlook
MNI EXCLUSIVE: Fed's Mester Interview: Rates Likely Headed Above Neutral
May-16 16:49
- MNI interviews Cleveland Fed President Loretta Mester on the outlook for monetary policy -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
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