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Analysts at TDS note that Fed Chairman Powell’s appearance on the Sintra policy panel was used to advocate for a gradual pace of rate hikes.

Key Quotes

“Powell noted strong labor market conditions and downplayed labor market tightness, pointing to relatively modest wage growth.”

“Meanwhile, the current account deficit widened to $124.1bn in Q1 (market: -$129.0bn), beating the market consensus on account of upward revisions to Q4.”

“Existing home sales for May were weaker than expected at 5.43m units (market: 5.52m), down 0.4% m/m.”