Investors awaited key economic data due this week, including April's consumer price index, which is expected Wednesday and will provide fresh insights into whether consumer inflation is easing or sticky.In guidance issued following the latest Fed meeting earlier this month, policymakers noted that that there had been "a lack of further progress" when it came to inflation returning to its 2% target.
Fed officials have since reiterated this stance in remarks and have repeatedly indicated that they are waiting for more evidence that inflation is easing toward this target sustainably before making monetary policy decisions, such as interest rate cuts. A series of central bank officials are also expected to speak this week, and investors will be parsing their comments for fresh clues about the path ahead for interest rates.
This comes after the University of Michigan Survey of Consumers sentiment index reflected an initial reading of 67.4, far lower than the Dow Jones estimate of 76. Inflation expectations rose according to the report, with the one-year-outlook increasing to 3.5%, which was 0.3 percentage points higher than in the previous month.
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