The Day at a Glance | May 30 2023

*US Congress will face its first test to approve the agreement reached to raise the debt ceiling in order to prevent the US government from defaulting this Tuesday. 

*The war in Ukraine reaches Moscow; Ukrainian drone attacks districts in the Russian capital. 

*Consumer price expectations in the Eurozone dropped to their lowest level since 2020, relieving some pressure off the ECB ahead of its upcoming monetary policy decision. 

*Turkey could record its first monthly negative rate of inflation in over 4 years, giving newly elected President Erdogan an initial boost. 

*Governor of the Bank of Japan, Kazuo Ueda, said this Tuesday that the central bank will maintain its monetary policy unchanged in the short term. 

*This Tuesday, the Conference Board will release its Consumer Confidence Index for May, which, according to the consensus forecast, is expected to set at 99.9 points. 

Economic environment

The House of Representatives will examine the agreement concerning the debt ceiling, hoping that Congress approves it before a potential US default on June 5^th. The bipartisan agreement will face its first test this Tuesday in the United States Congress in what is expected to be a week of challenging votes before the government runs out of money to meet its financial obligations. Both Democratic President Joe Biden and his Republican counterpart in Congress, Kevin McCarthy, have predicted that they will secure enough votes to pass the law before Monday, June 5^th, when the Department of the Treasury is expected to potentially default.