According to the National Association of Manufacturers’ Monday Economic Report for this week, all eyes are on the inflation update from the PCE Price Index on Friday, which stands for the Personal Consumption Expenditures Index, the US Federal Reserve’s preferred inflation gauge.  

On Tuesday, the Conference Board Consumer Confidence Index® rose in May to 102.0 (1985=100) from 97.5 in April (a slight upward revision). Consumer confidence in the U.S. rose in May after three straight months of declines, although Americans are still anxious about inflation and interest rates. The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months.