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Fed Beige Book likely to show continued growth - Nomura

The Beige Book prepared for the 12-13 June FOMC meeting is likely to show continued modest to moderate growth across the 12 districts, according to analysts at Nomura.

Key Quotes

“Incoming data indicate some pickup in consumer confidence during March and April, after disappointing readings in January and February. Moreover, while concerns about US trade policy regarding steel and aluminum tariffs will likely show up again in the June Beige Book, broader concerns about trade tensions with China may have abated somewhat.”

“Tight labor markets and labor shortages likely persisted across most districts with price increases at a “moderate” pace, similar to April. Overall, the data for 2Q has so far been strong and we expect the June Beige Book to reflect that.”

 

United States ADP Employment Change registered at 178K, below expectations (190K) in May

United States ADP Employment Change registered at 178K, below expectations (190K) in May
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EUR/USD refreshes session tops post-German CPI/ADP report

   •  Flash German CPI betters forecast and adds to today’s upbeat retail sales data.    •  ADP report weighs on already weaker USD and provides an a
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