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📊 Tomorrow's Macro Roadmap 🏦 Central bank speak: Fed's Kashkari (07:50 CET) & ECB's Rehn (11:00 CET) 🇨🇭 Swiss trade balance (08:00 CET) 🇪🇺 EZ inflation 🇺🇸 US JOLTS — watch the quits rate (key wage signal) Markets eyeing rate-path clues. Buckle up. #Macro #Fed #ECB

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#Macro #Fed #ECB

🗓️ Macro Roadmap for Today: 🏦 ECB's Schnabel speaks early — recently flagged a June rate hike as needed, with inflation expectations heading toward 4% 🦅 Fed's Waller (14:30 CET) has fully flipped hawkish — "next move is just as likely a hike as a cut"

📊 US ISM Manufacturing (May) — consensus sees a slight uptick; watch the prices paid component closely 🇨🇭 SNB sight deposits update at 10:00 CET — imperfect but worth monitoring for FX intervention signals A lot of central bank speak today. Markets have plenty to digest. 👀

#Macro #FedWatch #ECB #SNB #ISM #RatesOutlook GGMA Squawk

#Macro #FedWatch #ECB #SNB #ISM #RatesOutlook

Tomorrow's Macro Roadmap: JGB auction / Swiss GDP & sight deposits / BOE, ECB & Fed speak / Buba report /US NAHB The data calendar is pretty light, apart from the China data dump. On the policy maker front, we get BOE's Mann, who delivered an LSE lecture on UK international exposures last Tuesday.

Her stance is hawkish-conditional: signalled willingness to vote for a hike if inflation expectations and outturns continue to rise into 2027. Kocher is the Austrian National Bank Governor and ECB GC voice on inflation persistence; he tends to align with the hawk wing alongside Nagel.

Bond Selloff Threatens to Knock AI Stock Frenzy Off Course "What would it take to break this rally? Most investors interviewed pointed to the yield on 30-year Treasuries holding sustainably above 5% — the level where it’s already trading."

Investors are fervently chasing the hot rally in tech and AI stocks while widely acknowledging that rising yields threaten to knock equities

🧵 Today's market-relevant headlines: 1/ US job losses are accelerating in roles most exposed to AI, according to new reporting. The shift is showing up in the labor data, not just forecasts. 2/ Q2 inflation is projected at 6% by top forecasters.

Following the latest inflation surge, traders are now pricing the next Fed move as a hike rather than a cut. 3/ The Fed named Jerome Powell Chair Pro Tempore until Kevin Warsh is sworn in as Chairman — a leadership transition at the central bank amid the inflation repricing.

4/ Global bond yields have hit multi-decade highs. The G-7 is set to discuss the selloff, which is now spilling into US equities after months of decoupling. 5/ Reports indicate the US and Israel are preparing renewed strikes on Iran as early as next week.

Separately, Trump and Xi signaled alignment on keeping the Strait of Hormuz open, though no progress was reported on Iran itself. 6/ ECB's Vujcic said a June rate increase will depend on incoming data, keeping the door open but not committing.

7/ The DOJ is probing valuations at a BlackRock private credit fund. Reporting also surfaced on the scale of Trump's trading activity — more than 3,700 trades.

8/ Europe's structural constraints continue to limit its equity market's ability to compete globally, and UK debt dynamics remain in focus. Check us out here for free until the end of June — no credit card needed

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Job Market for Recruiters Shows UK Weakness, US Strength

https://www.bloomberg.com/news/articles/2026-05-10/job-market-for-recruiters-shows-uk-weakness-us-strength

Markets Debate If Japan Sold Treasuries When Intervening in Yen

The Federal Reserve’s custody holdings of Treasuries fell for the first time in a month at a time Japan was likely intervening to support its currency, with markets debating whether the nation offloaded US securities to fund its yen purchases.

Tomorrow's Macro Roadmap Japan wages / US non-farm payrolls / Canada labour market / ECB, BOE & Fed speak

Americans are behaving like they’re in a recession, Whirlpool warns

https://www.marketwatch.com/story/americans-are-behaving-like-theyre-in-a-recession-this-storied-appliance-maker-warns-d900b283?g=5a8b13f4-9e0d-4ba2-90d4-37e09782450e&mod=mw_rss_bulletins

Used car prices fall for the first time this year, and EV interest rises as gas prices spike

Cox Automotive reports affordability remains a key concern for buyers and that's driving increased demand for older vehicles as well as all-electric vehicles.

Japan Likely Used $30 Billion in Follow-Up Yen Intervention

Japanese authorities likely used around $30 billion intervening in the currency market just days after an earlier round of action, according

$USDJPY

🚨 Market Open: Key Headlines 🌍 Markets Briefing: MSCI World index extends its rally to a 9th session 🇪🇺 ECB has not made up its mind on rates, Lagarde says 🇺🇸 Trsy's Bessent: Trump's tariff rates could be restored by July

🇺🇸 Former US Treasury Secretary and Fed Chair Yellen says one Fed rate cut is possible this year 🇺🇸🇮🇷 US-Iran conflict summary 📌 Today's Macro Roadmap: Central bank speak / 🇺🇸 US Empire mfg. survey & NAHB / Fed's Beige Book

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Tomorrow's macro roadmap: SNB sight deposits, US existing home sales, speeches from ECB's de Guindos, BoE's Taylor, Bundesbank's Balz & BoJ's Ueda. Full preview here 👇

US ISM-Services is the key event today. Follow the discussion here for free until the end of May:

🚨 Market Open: Key Headlines 🇺🇸 Stocks rally on hopes Trump will end war 🇺🇸 Trump To Aides: Willing to end war without reopening Hormuz 🇺🇸 Powell says longer-term inflation expectations remain in check 🇯🇵 Tokyo's core inflation slows, but war-driven price jump looms

🌏 Asia steps up bond support as energy shock sends yields surging 🗓️ Event Risk: EZ inflation / US home prices, JOLTS & Chicago PMI / Fed speak 📉 Read the full macro brief (no paywall):

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🚨 Market Open: Key Headlines Markets: Brent Back Above $100 on tanker attacks War costs mount as oil tops $100; Iran's ceasefire terms look like a non-starter EU warns Iran conflict could push the bloc’s inflation above 3% Economists eye April BOJ rate hike after expected hold next week

Private credit stress deepens as redemptions surge and default warnings mount UK housing market confidence remains fragile as global headwinds weigh on near-term outlook Australia inflation expectations rise to the highest since 2023, but yields decline

🗓️ Event Risk: US jobless claims, trade balance & auctions 📉 Read the full macro brief (no paywall):

📲 Start your three-month free trial until the end of May — no credit card required:

🍏 GGMA Squawk is also available on the iPhone:

Lade „GGMA Squawk“ von Guenter Grimm im App Store herunter. Sieh dir Bildschirmfotos, Bewertungen und Rezensionen, Benutzertipps und weitere Apps wie „GGMA…

🚨 Market Open: Key Headlines 🛢️ Oil prices find relief as WSJ reports on IEA release of reserves proposal 🇺🇸🇮🇷 U.S. escalates strikes on Iran as allies strain under widening Middle East conflict 🇺🇸 Tillis praises Warsh after meeting, yet won't lift Fed blockade

🇪🇺 ECB won't allow repeat of last inflation shock, Lagarde says 🇦🇺 Two of Australia's top banks see the RBA hiking the key rate in March 🇺🇸 JPMorgan is marking down the loan portfolios of private credit groups 🗓️ Event Risk: Today's Macro Roadmap: ECB & Fed speak / US CPI report

📉 Read the full macro brief (no paywall):

📲 Start your three-month free trial until the end of May — no credit card required:

🍏 GGMA Squawk is also available on the iPhone:

Lade „GGMA Squawk“ von Guenter Grimm im App Store herunter. Sieh dir Bildschirmfotos, Bewertungen und Rezensionen, Benutzertipps und weitere Apps wie „GGMA…

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