A slate of economic events and data are on deck for next week. In the spotlight are the Federal Reserve’s May meeting and the April jobs report. What’s expected from the Fed? Analysts expect the central bank to raise rates by a quarter point on Wednesday, and will look for guidance about the Fed’s plans for the rest of the year. Inflation data has been mixed in recent days. The Personal Consumption Expenditures price index, the Fed’s favorite inflation gauge, rose 4.
releases its review of Signature Bank failure Signature Bank failed due to “poor management,” the Federal Deposit Insurance Corporation said in a widely anticipated report released Friday. The government agency said that contagion effects from Silicon Valley Bank’s collapse and crypto-friendly lender Silvergate Bank’s self-liquidation was not the cause for Signature Bank’s failure, though it did help fuel a run on deposits.
, said on a call with reporters Friday. “Even though they were crypto cash deposits, it was a traditional kind of bank run.” The also admitted that it didn’t provide Signature Bank with adequate and timely reviews prior to the bank failures, citing staffing shortages between 2017 and 2023 at the government agency. Read more here. Up next Monday: April ISM manufacturing Tuesday: March JOLTS report. Earnings reports from Pfizer , Advanced Micro Devices , Starbucks , Uber and Ford . Wednesday: Federal Reserve interest rate decision, Chairman Jerome Powell’s press conference and April ADP private payroll report.
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