June 21 Macroeconomics Interpretation, Recommended Reading: ★★★
21:45 US June S&P Global Manufacturing PMI Preliminary Value, Previous Value 51.3 Expected 51 Data Recorded 51.7, Data Higher Than Expected and Previous Value, Data Shows Increased Manufacturing Activity, Frequent Economic Activities, Good Economic Outlook, High Inflationary Pressure, Bearish Risk Market.
US June S&P Global Services PMI Preliminary Value, Previous Value 54.8, Expected 53.7 Data Recorded 55.1, Data Higher Than Expected and Previous Value, Data Shows that Service Industry Activities Are Still Higher Than Expected Frequent, This Data Will Lead to Increased Inflationary Pressure, Bearish.
However, the weights of the two data are low, and the impact will not be too intuitive.
22:00 US May Existing Home Sales Annualized (10,000), Previous Value 414, Expected 410, Recorded Data 411, Slightly Higher Than Expected, Lower Than Previous Value. The decline in housing sales will affect the activity of the rental market, while the increase in demand in the rental market will lead to an increase in rents, which is still not conducive to inflation control.
Overall, this week's data is basically unfavorable for next week's PCE data, and the Fed's speech is also moderately hawkish. Although this is in line with market expectations and consistent with Powell's speech last week, the market is still waiting for next week's PCE. Although the Fed's view is to cut interest rates once in 24 years, the market still stubbornly believes that it will be twice. This view needs to be consolidated by PCE next week. Before the PCE data is updated next week, the probability of expected two interest rate cuts will not continue to decline in the short term. However, if the PCE data next week is in line with expectations or in line with the previous value, it is estimated that the expectation of two interest rate cuts will be greatly weakened.
Let's continue to wait. Before next week's PCE, it is basically a time to grind.
