The US consumer Confidence
Surprisingly, US consumer confidence exceeded 98 sharply in view of seeing an improvement in the economic outlook and labor market after some easing of tension on tariff threats in May. Some sources cited that this survey was cut off on May 19, which half was responded to after the US-China temporarily eased the trade deal and resulted in a positive boost in this month’s figure.
President Donald Trump
- Earlier this morning, Trump mentioned that Canada is considering the offer to become the 51st state if they want to be part of the Golden Dome System; otherwise, Canada may need to pay $61 billion. This proposal aims to boost missile defense with space-based interceptors, although Canada has not responded to this yet.
- The trade deal with the European Union still leaves out further negotiation room, albeit Trump heavily emphasized pursuing the 50% tariffs allotment as mentioned below. Trump also mentioned that the EU called to “quickly establish the meeting, although we are unsure of whether this meeting would proceed in a positive or negative outcome.
→ Escalation → would boost the GOLD prices.
→ settle down or ease the tension → The GOLD price might decline.
The Federal Reserve
Federal Reserve President John Williams raised further concerns about persistent inflation and urged the central bank to take the necessary steps to achieve a sustainable 2% inflation rate. He believes that this inflation could become “permanent,” as this might risk prolongation.
