Monday Morning Meeting Notes (05/29/2023)

General Info:

• U.S. personal consumption expenditures (PCE) for April were slightly higher than expected
• PCE increased 0.4% month-over-month and 4.4% year-over-year
• Core PCE, which is the Federal Reserve’s preferred inflation gauge, increased 0.4% month-over-month and 4.7% year-over-year (March’s reading was 4.6% year-over-year)
• Fun Fact: Roosters prevent themselves from going deaf due to their own loud crowing, by tilting their head backs when they crow, which covers their ear canal completely, serving as a built-in ear-plug. A study showed that their crowing averages over 100 decibels, which is roughly the same as running a chainsaw

Monday 05/29:

• Financial markets and federal offices are closed in the U.S. for the Memorial Day holiday
• Some European markets are also closed for holidays, including the U.K. (Spring Bank Holiday), Switzerland (Whit Monday), and Germany (Whit Monday)

Tuesday 05/30:

• U.S. consumer confidence for May
• Eurozone economic confidence and consumer confidence data

Wednesday 05/31:

• Salesforce reports earnings
• U.S. Job Openings and Labor Turnover Survey (JOLTS) for April
• China Manufacturing PMI and Non-Manufacturing PMI data
• The Federal Reserve (Fed) issues its Beige Book economic survey, which is based on reports from the Fed’s 12 district banks
• The European Central Bank issues its financial stability review

Thursday 06/01:

• Broadcom, Five Below, and Zscaler report earnings
• Manufacturing PMI data for the U.S., Eurozone, Germany, France, U.K., and India
• Eurozone consumer price index (CPI) data
• U.S. light vehicle sales
• Department of Energy issues its crude oil inventories report
• The ECB releases the minutes from its May 3^rd-4^th monetary policy meeting

Friday 06/02:

• U.S. employment report for May is expected to show 190,000 new jobs added, while the unemployment rate is expected to be 3.5%