Quiet day on the economic front where the US personal savings rate is expected to pick up following an increase in Personal Income and a small rise in Personal Spending. A few Fed speechs complete and otherwise boring day which sees the 4th to last QE2 POMO as Brian Sack monetizes $4-5 billion.
8:30: Personal income and outlays (May): Sluggish. Following a 0.2% (mom) increase of “core” retail sales—retail sales excluding autos, gas and building materials-rose—we expect a similar increase in personal spending. The May employment report suggests that personal income should post a modest gain too. The consumer price index points to a firm increase in core PCE prices in May.
Income: GS +0.2%; median forecast: +0.4%; last +0.4%.
Spending: GS: +0.2%; median forecast: +0.1%; last +0.4%.
Core PCE price index: GS: +0.24%; median forecast: +0.2%; last +0.2%.
11:00: Minneapolis Fed President Kocherlakota speaks on "Re-Thinking Leverage Subsidies" before the Tri-State Bankers Summit; Big Sky, Montana.
11:00: Fourth to last POMO operation, Fed buy $4-5 billion bonds due 06/30/2015 - 11/30/2016
13:00 Kansas City Fed President Hoenig speaks at financial reform project; DC