Top-of-mind economic news as we start the week:
— U.S. default can be avoided if Congress approves the Memorial Day weekend deal suspending the federal debt ceiling and lowering spending by June 5.
— U.S. inflation is still rising as measured by the Personal Expenditures Index (PCE), which rose 0.4% in April and is up 4.7% from a year ago.
— U.S. home prices were up 0.7% in March from a year ago, as limited supply continues to outpace demand, despite higher mortgage rates.
— The German economy officially entered recession going into 2nd quarter 2023, as inflation hurt consumer spending.
— 94% of companies said they plan to comply with the EU’s Corporate Sustainable Reporting Directive – even if they don’t need to.
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