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Market participants do not appear overly....>

US TSYS
US TSYS: Market participants do not appear overly eager to tie on additional
risk heading into extended Memorial day holiday weekend in the U.S. (UK markets
closed Monday as well. U.S. markets will return to a surfeit of data (GDP, PCE,
PMI) culminating in the May employment data next Friday, June 1. Credit Suisse
economists note the strong start to payrolls has moderated the last couple
months and is "likely to continue" to do so. CS expects "headline payrolls to
come in at 170K for May." Meanwhile, the "unemployment rate fell sharply in
April to 3.9% and we expect it can maintain this low level in May. Average
hourly earnings are likely to rise 0.2% MoM, leaving the YoY growth rate
unchanged at 2.6%." Multiple Fed speakers will also be on tap as they rush to
get their opinion in ahead the next media blackout period starts Saturday June 2
and goes through Thursday June 14, the day after the next FOMC announcement.

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