- Minneapolis Fed Bank President Neel Kashkari said on Tuesday that it is too early to declare that inflation has stalled out, and the Fed might cut interest rates this year if price pressures ease.
- Richmond Fed President Thomas Barkin said the current level of interest rates is restrictive enough to cool the economy and bring inflation back to the 2% target.
- Financial markets are now pricing in nearly 50 basis points (bps) of rate cuts from the Fed this year, including a 65.7% odds of a rate cut of at least 25 bps in September, according to CME's FedWatch Tool.
- The preliminary University of Michigan Consumer Sentiment Index will be released on Friday, which is estimated to drop from 77.2 in April to 76.0 in May.
- Israeli troops launched strikes on Gaza's southernmost city. Even though Hamas agreed to a ceasefire proposal on Monday, Israel said the conditions did not meet its demands, as per the New York Times.
- The People’s Bank of China (PBoC) added 60,000 troy ounces of gold to its reserves in April, extending the period of consecutive purchases to 18 months.
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