Wall Street markets remain focused on Washington and the ongoing negotiations for a deal to raise the US government's debt ceiling and avoid a default that could be catastrophic. Officials said US President Joe Biden and House Speaker Kevin McCarthy are narrowing the scope of a two-year budget agreement that could open the door to raising theThe Democratic president and Republican speaker hope to reach a compromise on the budget this weekend.
The key measure of inflation that the Fed watches closely rose higher than economists expected in April. Persistent pressure from inflation is complicating the Fed's fight against higher prices. The April core PCE price index beat forecast by 0.3% with a change of 0.4%, while the equivalent beat expectations of 4.6% with a change of 4.7%. In the same week, last week's US Initial Jobless Claims exceeded the expected claims number of 245k with a count below 229k, while the previous week's continuing claims exceeded expectations of 1.8m with a total of 1.794m. US annual GDP for the first quarter beat expectations by 1.1% with a change of 1.3%.
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