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U.S. consumer prices likely picked up in April on rising gasoline and rental costs, pointing to a steady increase in inflation that could allow the Federal Reserve to raise interest rates later this year. The consumer price index likely increased 0.3 percent last month, according to a Reuters survey of economists, after edging up 0.1 percent in March. Excluding food and energy, the so-called core CPI is forecast to rise 0.2 percent after March’s 0.1 percent increase. (0830/1230) Housing starts are expected to have gained to a seasonally adjusted annual pace of 1.127 million units and building permits are also likely to have increased to a 1.130 million units. (0830/1230) Industrial production probably rebounded in April by 0.3 percent, after an unexpected fall of 0.6 percent in March. (0915/1315)
Two top Federal Reserve officials, Federal Reserve Bank of San Francisco President John Williams and Federal Reserve Bank of Atlanta President Dennis Lockhart, give their latest views on the U.S. economic outlook with the central bank’s next policy meeting five weeks away. Both have been upbeat recently on the health of the U.S. economy, but neither has so far publicly agitated for raising rates in June. (1225 /1625) Federal Reserve Bank of Dallas President Robert Kaplan, whose dovish views on monetary policy align with much of the Fed’s core, participates in a moderated question-and-answer session before a community forum hosted by the Federal Reserve Bank of Dallas in Midland, Texas, where the oil slump has cost jobs and created a sense of devastation. (1315 /1715) Separately, Treasury Secretary Jack Lew addresses the Jewish Theological Seminary Commencement Ceremony in New York. (1040/1440)
Home Depot Inc, the world’s largest home improvement chain sales, is expected to report first-quarter sales above analysts’ average estimate. The company likely benefited from higher spending by customers on homes and home improvement than on discretionary categories such as clothes.
Off-price retailer TJX Cos Inc is expected to report first-quarter profit above the average analyst estimate, according to Thomson Reuters StarMine data. Investors will look for sales forecast for the second quarter and the retailer’s international expansion plans.
JPMorgan Chase & Co CEO Jamie Dimon may give some of his current insights into the U.S. and global economies when he addresses shareholders at what is expected to be one of the least dramatic of the bank’s recent annual meetings. The company has modified its executive pay plan since the 2015 meeting to address criticism from proxy advisers who had recommended shareholders disapprove of the plan.
Canada’s manufacturing sales are expected to have declined by 1.8 percent in March, adding to the previous month’s decline. A drop in sales of petroleum products due to a fall in prices was partly responsible for February’s decline and investors will look for signs the sector is finding a bottom.
Chile’s central bank sets interest rate. Caught between high inflation and anemic growth, the bank has hinted that it is unlikely to move in the near future, and most analysts are expecting a hold for the rest of 2016.
Brazil’s Finance Minister Henrique Meirelles may announce the next central bank chief and his team at the ministry. Meirelles, a former banking executive who served as central bank president from 2003 to 2010, has said his top priority was to return transparency to public finances.
The National Transportation Safety Board will determine the probable cause of the May 2015 fatal Amtrak derailment in Philadelphia during a board meeting. On May 12, 2015 northbound Amtrak passenger train No. 188 derailed in Philadelphia, after entering a curve at 106 mph, where the speed limit is 50 mph. Eight passengers were killed and more than 200 were transported to area hospitals.
LIVECHAT-GLOBAL ENERGY OUTLOOK with banker Gary Sernovitz of Lime Rock
An energy banker, fracking apologist and author of "The Green and The Black", Gary Sernovitz comes back to the Global Markets Forum to take on questions about higher prices, the possible resurgence of shale production, the ouster of Saudi Arabia's energy chief and other issues driving the global oil market. (1000/1400) To join the Global Markets Forum, click here bit.ly/1kTxdKD (Compiled by Sourav Bose in Bengaluru; Editing by Sriraj Kalluvila)