Quite like old times

Daily update

Federal Reserve Chair Powell is to speak on the economic outlook at the Greater Providence Chamber of Commerce. The outlook is not likely to stray far from the tone of the last policy decision. Fed Governor Miran did stray quite a distance, suggesting rates were needed to be 2 percentage points lower (coincidentally, others outside the Fed have targeted that rate level). The consistency of Miran’s analysis might be challenged.
Argentinean President Milei is to meet US President Trump. Milei is unlikely to bring their chainsaw, but will bring a list of demands starting with “cash”. US Treasury Secretary Bessent has channeled their inner Draghi to offer a version of “whatever it takes”. Politically, handing over US taxpayers’ money will necessitate conditions, but the Argentine electoral cycle may hamper acceptance of some terms. Markets have offered a muted response to this verbal, public support.
Assorted business sentiment polls will be clamoring for attention—attention they probably do not deserve. Political polarization across US opinion polls (on all topics) is moving to extreme limits.
Sweden’s Riksbank is expected to leave rates unchanged today. Bank of England Governor Bailey issued a plea for investment in economic data—something likely to be echoed by economists around the world.