🌅 Pre-Market Macro

**Fed:** No FOMC rate decision today; the next scheduled meeting is **June 16-17**. Today’s Fed-related items are mostly follow-up releases, not a policy meeting.

**Fed data:** Watch the **May FOMC minutes-related flow** and Fed balance-sheet/liquidity releases, plus any Fed speakers on the calendar.

**Economic data:** **Philadelphia Fed May Nonmanufacturing Business Outlook Survey** is due **2:00 p.m.** ET.

**Economic data:** Fed calendar also lists **industrial production/capacity utilization**, **consumer credit**, and **bank-lending surveys** around this period; check for exact release timing before the open.

**Overnight news:** Markets are trading with the **Memorial Day U.S. holiday effect** after the Fed ACH holiday schedule, so liquidity can be thinner and premarket moves can be exaggerated.

**Fed:** No **FOMC rate decision** today; the next scheduled Fed meeting is **June 16–17**.

**Fed data:** **Senior Loan Officer Opinion Survey (SLOOS)** lands at **2:00 p.m. ET** and can move bank, credit, and rate-sensitive stocks.

**Fed data:** Watch the **G.5 Foreign Exchange Rates**, **G.20 Finance Companies**, **G.19 Consumer Credit**, **G.17 Industrial Production**, **H.4.1**, **H.6**, **H.10**, **H.8**, **Commercial Paper**, and **H.15 rates** releases on the Fed calendar today.

**Overnight/news:** Memorial Day was **yesterday**, so US markets are back from the holiday; there is no Fed holiday today.

**Overnight/news:** I do not see a major Fed surprise or emergency policy item in the provided sources; the main scheduled catalyst is the **Fed data slate** above.

**Fed:** No FOMC rate decision today; the next Fed meeting is **June 16–17**. Today’s Fed item is **Powell’s acceptance remarks** at **8:30 p.m. ET** in Boston.

**Fed data:** The Fed releases **H.6 money stock measures** and **H.10 foreign exchange rates** today; **commercial paper** and **bank balance sheet** data are also on the schedule.

**Fed watch:** The Fed’s **April FOMC minutes** were released last week, so traders are still parsing that tone for rate clues.

**Economic data:** Watch the Fed’s **Industrial Production and Capacity Utilization** release at **9:15 a.m. ET** and the **Senior Loan Officer Opinion Survey** at **2:00 p.m. ET**.

**Overnight news:** No major overnight market-moving headline is in the provided results; the main session driver looks to be **Fed speakers/data**, not a new Fed decision.

**Fed:** No FOMC rate decision today; the last meeting was Apr. 28-29, and the next scheduled meeting is Jun. 16-17.

**Fed:** Watch for the **Fed’s May 26 releases** at **1:00 pm** and **4:15 pm UTC**: H.6 money stock, H.10 FX rates, H.8 bank assets/liabilities, H.15 interest rates, and commercial paper.

**Fed:** A Fed event today is **Governor Waller’s lecture** on the economic outlook at **8:30 pm UTC**.

**Data:** The **Philadelphia Fed** has a **May Nonmanufacturing Business Outlook Survey** release at **2:00 pm UTC**.

**Overnight news:** No major overnight market-moving headline is shown in the provided sources; the key setup is the Fed calendar and today’s data flow.