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Yellen says the Fed is focused on allowing the economy to maintain its gains. “Before, we had our foot pressed down on the gas pedal trying to give the economy all the oomph we possibly could,” Yellen said in a speech at the University of Michigan on Monday. Now, the Fed is
“allowing the economy to kind of coast and remain on an even keel to give it some gas, but not so much that we’re pressing down on the accelerator. That’s a better stance of monetary policy.”
The US uninsured rate ticks up. The percentage of uninsured Americans ticked up to 11.3% in the first quarter, according to data from Gallup-Health Ways.
China’s first-quarter auto sales were the strongest in 3 years. Sales grew by 7%, outpacing the 5% growth that the China Association of Automobile Manufacturers was expecting.
UK Inflation take a breather. Consumer prices held at up 2.3% in March, data released by the Office for National Statistics showed on Tuesday. The British pound is little changed near 1.2415.
Germany’s ZEW survey hits its highest level since August 2015. “The German economic situation has proved fairly robust in the first quarter,” ZEW President Professor Achim Wambach wrote in the release. “This is highlighted by the solid figures for growth in industrial production, the construction sector and retail sales from February.”
Toshiba files its earnings without an auditor endoresement. The embattled conglomerate’s decision to file its quarterly report without the consent of an auditor increases the likelihood that it will be delisted from the Tokyo Stock Exchange, Reuters says.
Tesla shorts are losing billions. Tesla short sellers lost more than $US261 million on Monday as shares rallied by 3.3%. Monday’s losses bring their total loss to more than $US3.2 billion for 2017.
Twitter might become a user-owned co-operative. Twitter shareholders will vote on the proposal on May 22. It’s not expected to pass.
Stock markets around the world are mixed. Hong Kong’s Hang Seng (-0.7%) lagged in Asia and Britain’s FTSE (+0.6%) leads in Europe. The S&P 500 is set to open little changed near 2,356.
US economic data is light. JOLTS Job Openings will be released at 10 a.m. ET. The US 10-year yield is down 2 basis points at 2.35%.
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