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Summary – May 28

LATAM
BulletEM BulletEmerging Market NewsHomepageBank of Japan (BOJ) Market News
  • Brazil IPCA-15 inflation data for the first half of May will take the focus Tuesday, with consensus for a marginal decline in the headline inflation rate to 3.74% y/y, from 3.77%. Central government budget balance data for April will also cross, while Mexico will release weekly international reserves figures. In the US, focus turns to house price index data and the May consumer confidence release. Central bank speak includes the ECB's Centeno and Knot, while the Fed's Kashkari, Cook and Daly also make appearances.
  • Global News:
    • US – Federal Reserve Bank of Minneapolis President Neel Kashkari said policymakers should take their time in monitoring whether inflation is slowing enough to warrant interest-rate cuts. The economy has remained “remarkably resilient” and the labour market continues to be strong, especially in services, Kashkari told CNBC in an interview.
    • ISRAEL (MNI) – PM Benjamin Netanyahu could face an attempt by opposition parties to oust him in the coming days amid a series of events that have raised international focus on the actions of the Israeli government and IDF in Gaza. An air strike in Rafah on 27 May killed up to 45 according to the Hamas-run health ministry, with Netanyahu calling the incident a "tragic mishap". This was followed by the shooting dead of a member of the Egyptian armed forced near to the Rafah border crossing.
    • JAPAN (MNI) – The BoJ will not raise its policy interest rates immediately as officials monitor the impact of the weak yen on underlying inflation, wage hikes and consumption over the next few months, with hikes more likely after it confirms small business wage hikes in August, MNI understands. While the softer currency initially makes imports more expensive, bank officials must examine how it affects downstream prices and whether it leads to wage, and services price hikes to determine the impact on the underlying inflation trend.
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  • Brazil IPCA-15 inflation data for the first half of May will take the focus Tuesday, with consensus for a marginal decline in the headline inflation rate to 3.74% y/y, from 3.77%. Central government budget balance data for April will also cross, while Mexico will release weekly international reserves figures. In the US, focus turns to house price index data and the May consumer confidence release. Central bank speak includes the ECB's Centeno and Knot, while the Fed's Kashkari, Cook and Daly also make appearances.
  • Global News:
    • US – Federal Reserve Bank of Minneapolis President Neel Kashkari said policymakers should take their time in monitoring whether inflation is slowing enough to warrant interest-rate cuts. The economy has remained “remarkably resilient” and the labour market continues to be strong, especially in services, Kashkari told CNBC in an interview.
    • ISRAEL (MNI) – PM Benjamin Netanyahu could face an attempt by opposition parties to oust him in the coming days amid a series of events that have raised international focus on the actions of the Israeli government and IDF in Gaza. An air strike in Rafah on 27 May killed up to 45 according to the Hamas-run health ministry, with Netanyahu calling the incident a "tragic mishap". This was followed by the shooting dead of a member of the Egyptian armed forced near to the Rafah border crossing.
    • JAPAN (MNI) – The BoJ will not raise its policy interest rates immediately as officials monitor the impact of the weak yen on underlying inflation, wage hikes and consumption over the next few months, with hikes more likely after it confirms small business wage hikes in August, MNI understands. While the softer currency initially makes imports more expensive, bank officials must examine how it affects downstream prices and whether it leads to wage, and services price hikes to determine the impact on the underlying inflation trend.