To no surprise May Retail Sales comes in at -0.3% vs and expected +0.2% M/M. Last week we saw the Univ. of Michigan Consumer Confidence number reach an all-time low of 50.2 (down from 58.4). So to contextualize this, consumer sentiment is at its lowest point now than when we were experiencing a once in a 100yr Pandemic.
Later today: FOMC Announcement and an Ad Hoc (panic driven) meeting by the European Central Bank. The Federal Reserve is expected to raise rates by 75bps (originally 50bps) later today, and we’ll learn more about the future direction/pace of interest rate increases.
Global equity markets have rallied on the news of an emergency ECB meeting, and Gold prices are beginning to sense “panic” by Global Central Banks, +0.51% on the day.
10yr Yield 3.37%