Morning Juice – US Session Prep

Good Morning Traders!
Today is Friday, the 31st of May, the day of the much anticipated US PCE inflation report.
Here is what to look out for today.

Sentiment
US stocks were set to fall further on Friday, reversing May’s strong gains, as traders awaited the Federal Reserve’s preferred price-growth measure for clues on the timing and scope of potential interest-rate cuts.

US stocks have rallied in May, boosted by rising tech stocks, strong earnings, and Fed Chair Jerome Powell’s dovish stance on interest rates at the start of the month.

Although that optimism has waned in recent weeks, the tech-heavy Nasdaq 100 is still on track for its best monthly performance since November. Friday’s core PCE deflator, which the Fed prefers for measuring inflation, could provide a new impetus for policy easing.

Docket
08:30 ET
US Spending Data for April
PCE Price Index YoY – Median Forecast 2.7% | Prior 2.7% | Range 2.8% / 2.6%
PCE Price Index MoM – Median Forecast 0.3% | Prior 0.3% | Range 0.3% / 0.2%
Core PCE Price Index YoY – Median Forecast 2.8% | Prior 2.8% | Range 2.8% / 2.7%
Core PCE Price Index MoM – Median Forecast 0.3% | Prior 0.3% | Range 0.3% / 0.2%
Consumer Spending MoM – Median Forecast 0.3% | Prior 0.8% | Range 0.6% / 0%
Personal Income MoM – Median Forecast 0.3% | Prior 0.5% | Range 0.5% / 0%
Real Personal Consumption MoM – Median Forecast 0.1% | Prior 0.5% | Range 0.4% / -0.1%

Canadian GDP for Q1
QoQ Annualized – Median Forecast 2.2% | Prior 1% | Range 2.4% / 1.8%

Speakers
12:05 ET
Fed’s Williams speaks before hybrid Signature Luncheon event hosted by the Economic Club of New York.

14:50 ET
BoE’s Bailley speaks at the Irish Association of Investment Managers Annual Dinner.

Good luck!