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Analysts at Nomura point out that NY Fed survey of consumer expectations and consumer credit data will be the key economic releases for today’s US session.

Key Quotes

“Short-term consumer inflation expectations have inched up recently, likely reflecting higher retail gasoline prices. Both the one-year and three-year ahead median inflation expectations registered 3.0% in the May Survey of Consumer Expectations. Looking through these transitory increases, longer-term inflation expectations are likely to remain steady over the medium term. Elsewhere in the survey, consumer earnings growth and labor market expectations remain firm, consistent with our optimistic consumer outlook in 2018.”

Consumer credit: Consumer credit increased $9.3bn in April, the secondlowest monthly increase since July 2012. With a favorable consumer outlook, we expect consumer credit growth to remain healthy this year.”