Amid the chatters over US President Joe Biden’s $6.0 trillion proposal for budget, Goldman Sachs came out with a client note suggesting the timing of the announcement is key considering the long weekend.
“The budget looks likely to be released at 1:30 pm tomorrow (May 28). Traditionally, the Treasury’s Green Book follows shortly after the White House budget,” said Goldman.
The report also highlights the White House rejection to follow traditional timeline for budget release while saying, “The White House has decided to release what is arguably the most important policy document of the year on a Friday afternoon before a 3-day weekend at the start of a congressional recess, when it is likely to receive little attention, rather than the traditional Monday morning release when Congress is in session. “
It’s worth mentioning that the US budget will join the Core Personal Consumption Expenditure (PCE) Price Index for April to increase the importance of Friday.
Read: US PCE inflation preview: Gold remains key asset to watch