5/5/2021 6:07:18 AM GMT
Market movers today
ECB Chief Economist Lane will speak on the current status of the ECB's monetary policy strategy review. Fed's Evans, Rosengren and Mester will also be out speaking during the afternoon.
In the US, the ADP employment report will give some indications ahead of non-farm payrolls released on Friday. The ISM services index will likely show another strong reading in April, as activity is boosted from the stimulus checks.
In Sweden, the March production value indices (PVI) and consumption indicator are due out (see Nordic Macro and Markets Section for more details).
The 60 second overview
US interest rate discussion: US Treasury Secretary Janet Yellen caused some uproar in financial markets yesterday, when she hinted that interest rates could have to rise somewhat to make sure the US economy does not overheat. She later in the day clarified that rate increases by the Fed was not something she was recommending or predicting, underscoring that the Fed was independent of political pressure. While US rates markets did not react significantly, her comments caused a significant rotation in stocks away from growth, tech and momentum stocks (see below).