| Today's Economy
LatAm Daily Briefing: Excess Demand Behind Chile’s Inflation Policymakers must prescribe a dose of monetary restrictions to cure inflation in an overheated economy. Europe Daily Briefing: Surprise Cut by CBR The Central Bank of Russia has its eye on growth. Asia-Pacific Daily Briefing: Bank of Korea Hikes as Inflation Bites Headwinds shape South Korea's outlook. Economic Roundup: FOMC Minutes Increase Odds of Pause, MBS Sales The Fed likely will hike aggressively over the next few meetings, and then take a breather. » VIEW MORE TODAY'S ECONOMY
Commentary
Euro Zone Inflation Tracker: Not so Steady Core prices were on the rise in April, even as the headline stood still. Asia (Mostly) Joins the Policy Normalisation Party China is a notable exception. Takeaways From the April Regional Jobs Report Performance gaps across regions will likely persist in some fashion. U.S. B2B Tracker Update: Business Cycle at Hyper-Speed A pullback in consumer demand due to rising costs would result in an oversupply of some goods. » VIEW MORE COMMENTARY
Today's Economic Indicators
Singapore
Industrial Production
Apr. 2022: 6.2% y/y
Singapore’s industrial production rose 6.2% year on year in April, beating market expectations and our forecast of 3.6%. Russian Federation
Monetary Policy
May. 2022: 11%
The Central Bank of Russia cut its benchmark interest rate by 300 basis points to 11% on May 26—at a meeting announced just one day in advance. Hong Kong SAR (China)
Foreign Trade
Apr. 2022: -HK$36.6 bil
Hong Kong posted an HKD36.6 billion deficit in April. Mexico
Retail & Wholesale Sales
Mar. 2022: 3.8% y/y
Household consumption in Mexico advanced further in March as the economy created some additional employment. United States
Jobless Claims
May 21: 210,000
U.S. initial claims for unemployment insurance decreased by 8,000 to 210,000 in the week ended May 21. Canada
Earnings, Hours and Employment
Mar. 2022: 4.3% y/y
Job growth in March edged forward by 0.7%. Canada
Retail Trade
Mar. 2022: 0.0% m/m
Retail sales moved sideways for a second consecutive month in March. United States
GDP
2022Q1: -1.5%, q/q, SAAR
U.S. United States
Pending Home Sales
Apr. 2022: 99.3
The NAR pending home sales index fell 3.9% to 99.3 in April, extending its consecutive losing streak begun in October and registering another multiyear low. United States
St. Louis Fed Financial Stress Index
May 20: -1.09
U.S. financial conditions improved last week with the St. United States
Natural Gas Storage Report
May 20: 80 bil cubic feet
Last week’s build in gas stocks exactly matched consensus expectations, so this report will not help bring down extremely high natural gas prices. United States
Kansas City Fed Manufacturing Survey
May. 2022: 23
Manufacturing activity in the Tenth District eased in May. Japan
Consumer Price Index
May. 2022:
Japan
Foreign Trade
Apr. 2022:
Australia
Retail Sales
Apr. 2022:
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