On tap for Wednesday: MBA...........>

US DATA PREVIEW: On tap for Wednesday: MBA Mortgage Applications; Q4 QCEW

employment; crude oil stocks ex. SPR w/w; April 30/May 1 FOMC minutes.

- RBS Natwest economists posit the FOMC minutes "could provide insight on

'transitory' inflation views." RBS notes "most Fed officials' public comments

since the May 1 meeting have mentioned the 'transitory' nature of the inflation

slowdown, hinting that a majority of officials concur with Chair Powell.

However, Fed Presidents Bullard and Evans have both warned that they don't want

to be too dismissive of the slowing."

- Barclays "expect the minutes to show that most committee members were upbeat

on domestic activity and labor markets given the language upgrades in the

statement on growth in economic activity and labor markets. Both were described

as 'solid.' That said, we expect committee members to emphasis the composition

of growth in Q1 was skewed to volatile trade and inventory components while

household and business spending was soft."