Fed Beige Book: Tariff Angst Returns Mentions of “tariff” rose again in May’s Beige Book, after doubling in both March and April. Themes included: Higher uncertainty among businesses. Muted labor demand due to cost concerns. Persistent pricing pressure tied to geopolitical trade frictions. The Fed's regional survey leaned pessimistic, signaling businesses are increasingly in wait-and-see mode, despite equity market buoyancy. Beige Book Labor Data: ADP Miss Reinforces Dovish Pivot May ADP Payrolls: +37,000 (vs. 110,000 expected), weakest reading since March 2023. Wage Growth: Job stayers: +4.5% YoY. Job changers: +7.0% YoY. (No material change from April.) Fed Funds Futures increased odds of 3 rate cuts in 2025, up from 2.5 cuts implied earlier this week. Trump blamed Powell, while economis
S&P 500 Breaks 6000! Is Bull Market Coming for June?
US stock indexes rise after report about Trump and Xi call. Can high-level talks between China and US break new ground? As S&P 500 breaks 6000, more upside is coming or warn of potential pullback?
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