Weekly economic and financial commentary

Summary United States:April Brings Signs of Cooling in Economic Growth Q2 began on a softer note. Employment growth was sturdy in April, but the 175K jobs added was the smallest gain since October. The below-consensus gain was accompanied by an increase in the unemployment rate, which rose to 3.9%. Meanwhile, an unexpected acceleration in the Employment Cost Index was the latest indication that progress on inflation is plateauing.

Given an overall gradual economic recovery and ebbing inflation, we still see the European Central Bank as on course to deliver an initial 25 bps policy rate cut in June. Next week: Riksbank Policy Rate , Bank of England Policy Rate , Banxico Policy Rate Interest Rate Watch:Stalling in Inflation Leaves FOMC Stalling for Time As universally expected, the FOMC voted unanimously to leave the target range for the federal funds rate unchanged at 5.25%-5.50% at its meeting this week.

Interestrate Credit Centralbanks Growth

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