Highlights
A day before the Bank of England's policy decision, consumer inflation in the UK is expected to show further easing to 8.4 percent in May after slowing to 8.7 percent in April from 10.1 percent in March. But that would be still well above the bank's 2 percent target and more than double the inflation rate in the US. On the month, the consumer price index is seen rising 0.4 percent after April's 1.2 percent increase.
In Canada, retail sales in April are expected to rise 0.2 percent on the month following a weak but as-expected 1.4 percent dip in March. Consumer spending has been resilient despite tighter credit conditions. A day after the Bank of Canada raised rates on June 7 following a conditional pause, Deputy Governor Paul Beaudry said households were slightly less sensitive to rate hikes.
Federal Reserve Chairman Jerome Powell will deliver his Semiannual Monetary Policy Report to Congress Before the U.S. House Financial Services Committee at 10 a.m. EDT (1400 GMT).
At the same time, Federal Reserve Board Governor Lisa Cook and Federal Reserve Board Governor Philip Jefferson will appear at a nomination hearing Before the U.S. Senate Committee on Banking, Housing, and Urban Affairs.
Chicago Federal Reserve Bank President Austan Goolsbee will participate in a moderated question-and-answer session before the Wall Street Journal Global Food Forum at 12:25 p.m. EDT (1625 GMT).
Cleveland Federal Reserve Bank President Loretta Mester will speak during a welcome social before the Policy Summit 2023: Communities Thriving in a Changing Economy conference hosted by the Federal Reserve Bank of Cleveland at 4 p.m. EDT (2000 GMT).
In Canada, retail sales in April are expected to rise 0.2 percent on the month following a weak but as-expected 1.4 percent dip in March. Consumer spending has been resilient despite tighter credit conditions. A day after the Bank of Canada raised rates on June 7 following a conditional pause, Deputy Governor Paul Beaudry said households were slightly less sensitive to rate hikes.
Federal Reserve Chairman Jerome Powell will deliver his Semiannual Monetary Policy Report to Congress Before the U.S. House Financial Services Committee at 10 a.m. EDT (1400 GMT).
At the same time, Federal Reserve Board Governor Lisa Cook and Federal Reserve Board Governor Philip Jefferson will appear at a nomination hearing Before the U.S. Senate Committee on Banking, Housing, and Urban Affairs.
Chicago Federal Reserve Bank President Austan Goolsbee will participate in a moderated question-and-answer session before the Wall Street Journal Global Food Forum at 12:25 p.m. EDT (1625 GMT).
Cleveland Federal Reserve Bank President Loretta Mester will speak during a welcome social before the Policy Summit 2023: Communities Thriving in a Changing Economy conference hosted by the Federal Reserve Bank of Cleveland at 4 p.m. EDT (2000 GMT).
Definition
Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.
Description
Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.
