Why rent in the CPI report is so hard to figure out

• The WSJ's Nick Timiraos does a deep dive on the rent component of CPI

This week brings the "most crucial CPI reading of 2024", a "mini Super Bowl"

• Got hype?

Reserve Bank of New Zealand Q2 2-year Inflation Expectations 2.3% (prior 2.5%)

• Some encouragement for the RBNZ

Federal Reserve speakers coming up on Monday include Mester and Jefferson

China to sell 20, 30 and 50 year Treasury bonds

• From May 17

Merger news: GE sends a top executive to save Alstom deal

China's "weekend’s data add to the probability of a surprise rate cut"

• Negative credit growth a concern

Australia's budget (due Tuesday) will assume inflation to return to 2 to 3% by end 2024

• This forecast for CPI is much lower than that from the Reserve Bank of Australia

PBOC sets USD/ CNY reference rate for today at 7.1030 (vs. estimate at 7.2284)

• PBOC CNY reference rate setting for the trading session ahead.

Renminbi taking on a larger role in FX markets

Japan's Kato says its natural that monetary policy will revert to positive interest rates

• Kato is a 'ruling party heavyweight"

USD/JPY sitting just below 156.00, Japan PM said on Friday he's closely monitoring the yen

• Talk continues

PBOC is expected to set the USD/CNY reference rate at 7.2284 – Reuters estimate

• The rate setting will be on 7.10

Interbank forex rates as of 18:50 EST/22:50 GMT

Credit in China fell in April for the first time since 2017 (or 2005)

• Further weekend data from China

JP Morgan highlights USD/JPY at 160 as key for Bank of Japan intervention

• 157 is a breakeven point

Newsquawk Week Ahead: Highlights include US CPI, US Retail Sales, UK and Australian Jobs

• Next week the market highlights include CPI from the US, as well as Retail Sales data. China inflation and activity data, PBoC MLF, Aussie and UK jobs reports and Japanese GDP.

Trading ideas: time to get paid

Goolsbee and Kashkari: In a wait-and-see mode.

Chicago Fed Pres. Goolsbee: Feds inflation target acts as an anchor on expectations

• Chicago Fed Pres. Goolsbee speaking

McDonalds is preparing a $5 deal meal promotion

• Is the consumer balking?

Yellen at small business week

More Minneapolis Fed Pres. Kashkari: Baseline is strong productivity rates will moderate

• Minneapolis Fed Pres. Kashkari

Minn. Fed Pres. Kashkari: Fed is interested in AI because it contributes to productivity

• Minneapolis Fed Pres. Kashkari speaking

More from Fed Logan Logan: We want to see everybody testing the discount window