Federal Reserve Chairman Powell says tariffs could increase inflation
Federal Reserve Chairman Jerome Powell says the economy is in “good condition,” but points out uncertainty in inflation.
US stock futures have fewer deadlines for inflation data, and perhaps changes little clarity about where the US and China stand in trade issues and how the Senate will vote for more than 1,000 pages of tax bills before that.
The May Consumer Price Index Report can provide insight into whether the tariff roller coaster is reviving inflation mid-week. It’s the first month of data since President Donald Trump announced his aggressive tariff plans on April 2.
Wholesale price data is scheduled for the next day, and could give investors an idea of whether there is inflation going down the American pipeline. Wholesale prices are what companies pay for goods and services.
At the end of the week, a new consumer sentiment reading from the University of Michigan also includes data on inflation expectations.
Separately, US and Chinese officials are expected to hold trade talks in London, Trump said last week. The talks follow a call between Trump and Chinese President Xi Jinping after President Trump accused China of violating the terms of the tariff suspension agreed to last month in Switzerland.
At 5:45am on ET, futures linked to the Blue Chip Dow rose 0.12%, while the Broad S&P 500 futures added 0.12%, while the high-tech Nasdaq futures were flat. All three indices closed last week, bringing the S&P 500 to below 3% from a record high. The S&P 500 has surpassed the 6,000 mark for the first time since February 21st.
Investors will also continue to watch the big, beautiful legislative path in the Senate after a public, intense exchange between Tesla CEO Elon Musk and Trump over social media over tax bills. Musk called the bill “a pork-filled Congressional Expense Bill is a disgusting hate,” and Trump was called “crazy.”
Cryptocurrency
Gemini of Cryptocurrency Platform said it has secretly submitted a draft registration statement with the Securities and Exchange Commission (SEC) for an initial public offering of Class A shares. The IPO is expected after the SEC review process, the release states.
Medora Lee is a money, market and personal finance reporter for USA Today. mjlee@usatoday.com and Subscribe to our free daily money newsletter Personal finance tips and business news every Monday to Friday.
