US: Jeff Sessions testimony in focus - TDS

The testimony of Attorney General Jeff Sessions is likely to get substantial airtime amid a lighter than usual data calendar and Fed blackout period, according to the analysts at TDS.

Key Quotes

“Sessions will testify in public to the Senate Intelligence Committee at 14:30 ET and should the testimony yield no additional bombshells, it may open a legislative window the President to push his agenda.”

“On the data front, we will be watching the NFIB Optimism Index for any sign of faltering confidence in May; markets do not expect any  change from the previous 104.5 and the index has seen little change since plateauing in December. Producer prices for May will be released simultaneously—markets do not expect any change to the headline index but expect a 0.1% increase in core (ex. food, energy & trade) prices.”