Today's Economic Data Docket - Personal Income, Outlays And PCE; 4th To Last QE2 POMO

Tyler Durden's picture

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%.

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

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