Bonds & Stocks
Wall Street got a degree of relief as signs that inflation remains subdued supported the case for Federal Reserve rate cuts, with stocks on pace to close at all-time highs amid hopes that the US is moving closer to definitive deals with top trade partners. The S&P 500 topped its Feb. 19 closing peak of 6,144.15.
Economy
US consumer spending declined in May by the most since the start of the year, indicating elevated uncertainty around the Trump administration’s economic policies is increasingly weighing on the outlook for growth.
World
The Canadian economy is on track for a modest decline this quarter, yet isn’t deteriorating as fast as some economists feared. Advance data showed industry-based gross domestic product shrank 0.1% in May, matching April’s 0.1% decline, Statistics Canada said Friday.