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On tap for Friday: April personal...>

US DATA PREVIEW
US DATA PREVIEW: On tap for Friday: April personal income and current dollar PCE
data; ISM-Milwaukee Mfg Index; MNI Chicago PMI report for May; Michigan
sentiment index; St. Louis and NY Fed Real GDP Nowcasts.
- RBC on PCE inflation say the "evidence garnered from the April CPI suggests a
relatively soft PCE inflation print in the works. But note that the relevant PPI
inputs (which are in the health care sector) suggest the risk of a hotter PCE
than CPI is non-trivial - we think core PCE prices come in at a firmer 0.2%."
- Morgan Stanley says April's nominal personal income should rise 0.2%. verage
hourly earnings rose 0.22% in April, combined with a substantial gain in
payrolls suggests stronger growth in the aggregate wage bill. 
- Nomura economists "forecast a modest 1.6pp decline to 51.0 in the Chicago PMI
during May despite upside surprises in the Philly Fed and Empire State surveys."
- Nomura adds it's "more likely than not that the Chicago PMI will decline
because of the later survey period for the Chicago survey relative to the Philly
and Empire, suggesting more time for worsening trade tensions to seep into
business sentiment during the month."

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