Import prices, wholesale inventories and a few speeches from Fed officials. Ceiling busting $32 billion 3 year auction in tow, and second to last POMO in current schedule also on deck.
8:30: Import/export price indexes (April). Likely higher. Higher commodity prices and the weaker dollar point to another rise in US import prices. Prices of imports from China have picked up recently (+2.6% yoy), likely reflecting the appreciating yuan and perhaps higher input costs.
Median forecast (of 51): +1.8%; last +2.7%.
9:30: Federal Reserve Governor Elizabeth Duke on “Fostering Innovation in Community Development Finance”.
10:00: Wholesale inventories (March): Revisions to GDP? In its advance estimate of Q1 GDP, the Department of Commerce assumed that wholesale inventories increased by about 0.9% mom in March. If the reported value differs significantly from that level it would imply revisions to Q1 GDP.
Median forecast (of 29): +1.0%; last +1.0%.
11:00: Second to last POMO ($5-7 billion 05/15/2015-10/31/2016) before current schedule is exhausted. New schedule is released tomorrow at 2 pm.
12:45: Richmond Fed President Jeffrey Lacker on the economic outlook. Q&A scheduled.
13:00: $32 billion 3 year auction (no QE3 Cusip this time) which may just push total debt over the ceiling absent some dramatic cuts to other total debt holdings.
Via GS and ZH