Introduction

The May F1C meeting is the big event next week with a 25 basis point rate hike all but locked in. The data on credit conditions from the Federal Reserve surveys, including the senior loan officer survey will be important to watch. And additionally of course with the debt seating debate very much in focus, we'll also be paying attention to the data on tax receipts and ongoing developments on the debt limit legislation. For us in short, what does Powell's press conference and the FMC statement along with the data next week tell us about the next meeting, the June FMC meeting?