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Previewing next week’s macro events in the United States, “A  range of Fed speakers next week may return market attention to the Fed’s operational framework review,” TD Securities analysts said. “Among voters, Rosengren and Clarida likely will give some support to inflation “make-up” policies, while George should be a more critical voice. Barkin has yet to weigh in recently on the outlook or the review, while Kashkari should be the most dovish Fed voice next week.”

Commenting on next Wednesday’s retail sales report, “The main driver behind a 0.3% m/m rise in the headline measure for April is expected to be another firm increase in sales in the control group. This rise would represent a mean-reversion in growth after a 1.6% jump in March that likely reflected a normalization in tax refunds. We also anticipate a 2.5% decline in auto sales to represent a downside risk to the headline,” analysts noted.