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Happy Friday.
The Fed calendar is bare today but we will get a couple of notable releases:
- 8:30 am ET PPI
- 10 am ET Umich prelim consumer sentiment
I can't see PPI being a market mover but a hot reading would at least stall the momentum that has Fed funds pricing in 61 bps of easing by year end.
UMich is a poorly-built economic indicator but there is a growing focus on the consumer right now so the market could run with a miss in either direction from the 68.5 consensus. The inflation expectations number will also be notable.
For Canada, May building permits at 8:30 am ET are expected to fall 5.9% after a 20.5% jump in April. There is clearly some cooling in the housing market underway but the market is more-focused on pricing than construction.
