Morning Juice – US Session Prep (20th May)

Sentiment
A six-day winning streak that propelled the S&P 500 to the brink of a bull market is set to stall as investors bet that US stocks will lag the rest of the world.

S&P 500 contracts retreated. By contrast, equity gauges in Europe and Asia advanced.
The dollar was little changed. Gold edged higher while Bitcoin dropped 0.3%.
Treasuries erased early gains, with the 10- year yield advancing one basis point to 4.46%.

Some Wall Street strategists are betting European stocks will enjoy their best performance relative to the US in at least two decades as the region’s economic outlook improves.
While US stocks have rallied in recent weeks, two Federal Officials warned on Monday that they would adopt a wait-and-see approach before lowering interest rates.

Trump plans to go to the Capitol later on Tuesday to urge fractious House Republicans to overcome divisions and unite behind his signature tax-cut legislation.
Moody’s Ratings stripped the US government of its top credit rating last week, citing a ballooning budget deficit it said showed little sign of narrowing.

Docket
08:30 ET
Canadian CPI for April
YoY – Forecast: 1.6% | Prior: 2.3% | Range: 2.4% / 1.5%
MoM – Forecast: -0.2% | Prior: 0.3% | Range: 0.6% / -0.3%

Speakers
09:00 ET
Fed’s Bostic gives welcome remarks at the Atlanta Fed’s “Financial Intermediation In Transition” conference in Fernandina Beach, FL.

Fed’s Barkin gives speech at the Richmond Fed’s Investing in Rural America Conference.
Text is expected, but no Q&A.

Trump Speaks at a House GOP Conference

09:30 ET
Fed’s  Collins will host a Fed Listens event and offer brief remarks — no discussion of current monetary policy and the outlook.
These remarks will be published upon delivery on bostonfed.org.

11:55 ET
Trump participates in the Take Our Sons and Daughters to Work Day Event.

13:00 ET
Fed’s Musalem speaks on the economy and monetary policy at the Economic Club of Minnesota. Text and Q&A are both expected.

White House press briefing for Take Our Sons and Daughters to work day with White House Press Secretary Karoline Leavitt.

17:00 ET
Fed’s Kugler gives a commencement address at the Spring 2025 Berkeley Economics Commencement Ceremony.
Text is expected, but no Q&A.

Good luck!