At 9:45 a.m., the Chicago PMI for May will be released, the last regional manufacturing gauge before the national Institute for Supply Management national manufacturing survey due next week. The Chicago PMI is seen reaching 49.9, an improvement off the 3.5-year low posted in April but below the 50-mark indicating expansion.
The final reading of the University of Michigan’s consumer sentiment survey for May is expected to edge up to 83.8, marking the best level in more than six years.
Cleveland Fed president Sandra Pianalto is the only speaker on the docket, due to speak at 8:45 a.m. on financial stability. Looking further ahead, there are three Fed speakers this weekend: the Minneapolis Fed’s Narayana Kocherlakota on Saturday, and then the central bank’s two heaviest hitters, Chairman Ben Bernanke and Vice Chair Janet Yellen, on Sunday.
But hey Housing is in a Frenzy right? Print money or drown, bottom line.
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