Wheat harvest in Central Kansas started yesterday. They must have had some pretty dry weather… This is when wheat harvest usually starts in Texas.
April jobs data on Friday was bullish and sent stocks soaring and bonds falling (higher interest rates). Interest rate hikes may not be pausing after all with the US adding jobs for the 13th consecutive month. The government reported the US added 253,000 jobs in April. The market expected 180,000. Where is that recession? Fed Chairman Powell may have to cancel his pause of interest rate hikes to further choke the economy and keep the stream of bank failures coming.
This week will give us April retail inflation (CPI) 8:30 AM EDT Wednesday, followed by Thursday’s wholesale inflation (PPI) 8:30 AM EDT and new weekly unemployment. These factors are the major indicators of the US economic health.
The White House is considering a short-term extension to the debt ceiling if next week's negotiations prove feudal. All but six Senate Republicans said Saturday they will oppose raising the debt ceiling without substantive spending and budget reforms, backing up House Speaker Kevin McCarthy’s position.