Analysts at Danske Bank explain that it is a very quiet day in terms of major economic data releases but in the US today, PCE inflation data for March is due out in addition to the ISM manufacturing figures for April and final PMI manufacturing figures for April.
“These numbers will probably not attract very much attention, as we received PCE inflation figures for Q1 on Friday, from which we can implicitly calculate the monthly numbers for March.”
“More interestingly in the US, ISM manufacturing figures for April and final PMI manufacturing figures for April are due out. Over the past few months, we have seen a divergence between ISM, PMI and regional manufacturing indices. The preliminary PMI figures for April fell back slightly but the regional indices continued climbing higher. We estimate ISM fell further in April. Our models continue to point towards a deceleration of economic growth and, therefore, we put less weight on the regional manufacturing indices.”
“Later this week (on Wednesday), the FOMC is set to meet. This meeting is one of the small meetings (no updated projections and no press conference) and we do not expect any changes in monetary policy or any major changes in the statement.”