FOMC Minutes will provide the largest event risk today - TDS

The research team at TDS suggests that the May FOMC Minutes will provide the largest event risk amid a quiet data calendar.

Key Quotes

“We look for the minutes to reinforce the relatively hawkish policy statement with references to a robust labour market and a solid growth outlook. We will also be on alert for any discussion of changes to the Fed’s reinvestment policy, the discussion around which has grown more prominent in recent months, and market pricing for a June rate hike.”

“We will also hear from Kaplan (non-voter, centrist) and Kashkari (voter, dove), though both are speaking after the close. On the data front, we have April existing home sales at 10:00 ET, for which the market expects a 1.1% m/m decline.”