- San Francisco Fed President Mary Daly highlighted the need for prolonged restrictive policy to achieve the Fed's inflation targets.
- Atlanta Fed President Raphael Bostic said that the central bank is probably still planning to cut its interest rates this year, despite the uncertain outlook.
- Dallas Fed President Lorie Logan said that there are upside risks to inflation, adding that it is too soon to cut interest rates.
- Minneapolis Fed President Neel Kashkari stated that he's in a "wait-and-see mode,” and there is a "high" bar to concluding that higher rates are needed to cool inflation.
- The Israeli military said that it launched operations in northern Gaza overnight and that "precise operations" are ongoing in eastern Rafah and near the Rafah border, as well as in the Zeitoun neighborhood in central Gaza. The military engagement in Rafah occurs before a full-scale invasion, per CNN.
- The initial reading of the Michigan Consumer Sentiment Index dropped to 67.4 in May from 77.2 in April, weaker than the expectation of 76.0.
- The University of Michigan's (UoM) one-year inflation outlook jumped to 3.5%, while the five-year outlook rose to 3.1%. Both figures registered the highest level since November 2023.
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