Key Points:
Nothing to see here for middle income NZ as Grant Robertson delivers his “Wellbeing” budget. Opposition parties have renamed it accordingly- ACT “the build back broke” budget, Nats, the “blowout” budget, Te Pati Maori “no thrills” instead of no frills. In what Robinson called tough economic times most of the cash went to low-income earners with young people with a massive chunk of the population left head scratching. With the election looming those who may have been on the fence may now take the jump away from Labour.
Mexico central bank leaves cash rate unchanged at 11.25%
Fed’s Bullard leans towards a June interest rate hike, but member Timiraos is suggesting it will be a close call.
US Existing home sales for April 4.28M vs 4.30M forecast.
Bank of England’s Bailey doesn’t expect the balance sheet to return to pre covid carnage.
ECB’s Guindos confirms they have at least one more rate hike to go in this tightening cycle but later this year it could be touch and go based on incoming data.
Fed’s GDP tracker rises to 2.90% from 2.60% in second quarter 2023.
Canada’s inflation y/y rose to 4.4% in April 2023 from 4.30% in March.
The New Zealand Dollar (NZD) has been the best performer in the month of May while the Euro (EUR) has been the worst performer.