Australian shares are set to open slightly lower as investors look ahead to RBA meeting minutes and Wall Street fluctuated.
The New York Federal Reserve’s “Empire State” index on current business conditions dropped to a reading of 31.8 in May, against expectations of a 3.75 decline. And US households are under increasing financial strain, adding $US148 billion in overall debt, bringing the total to $US17.05 trillion, according to a report released by the Federal Reserve Bank of New York. Balances are now $US2.9 trillion higher than just before the pandemic.
Fears around a US default have now reached the point where a Treasury official was yet again forced to dismiss the idea of minting a platinum coin as a way to avoid default, saying the only workable solution was for Congress to raise the federal debt ceiling. “Hope is dead,” Abrdn’s head of emerging market local currency debt Kieran Curtis said of the prospects for Erdogan’s main challenger Kemal Kilicdaroglu and meaningful policy change.P 500 +0.3% Nasdaq +0.5%The local currency was +0.9% to 67.04 US centsThe yield on the US 10-year note rose 4 basis points to 3.50%Three Fed officials made public comments on inflation, with two suggesting interest rates would remain on hold and a third, Austen Goolsbee, saying the FOMC needed to wait and see.
The Fed “could probably declare victory,” said Jones, founder of Tudor Investment, in an interview on CNBC. He added that inflation has been declining for 12 straight months and “that’s never happened before in history.”
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