Fed: Powell advocates for a gradual pace of rate hikes - TDS

Analysts at TDS note that Fed Chairman Powell's appearance on the Sintra policy panel was used to advocate for a gradual pace of rate hikes.

Key Quotes

“Powell noted strong labor market conditions and downplayed labor market tightness, pointing to relatively modest wage growth.”

“Meanwhile, the current account deficit widened to $124.1bn in Q1 (market: -$129.0bn), beating the market consensus on account of upward revisions to Q4.”

“Existing home sales for May were weaker than expected at 5.43m units (market: 5.52m), down 0.4% m/m.”