- Energy prices remain above pre-war levels, with Brent crude at $96 and WTI at $90.21
- Chicago Fed President Goolsbee warns of stagflationary shock for Asian economies
- Goolsbee concerned about AI-driven equity price increases fueling overheating economy
May 28, 2026
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Macro/Economy 2
- Core PCE inflation held at 3.3% YoY in April, matching expectations and signaling persistent price pressures
- Headline PCE inflation rose 3.8% YoY, highest since May 2023, driven by energy and services costs
- Q1 GDP growth revised down to 1.6% annualized, below expectations, while durable goods orders surged 7.9% in April
Central Banks 3
- Fed’s Kashkari states inflation remains top priority as U.S. CPI at 3.8% in April, well above 2% target
- Labor market described as 'decent shape' but inflation risks unanchored expectations if left unchecked
- AI productivity gains could sustain higher rates but short-term policy impact remains unclear
- Energy prices have surged due to Middle East conflict, raising inflation risks worldwide
- Federal Reserve kept the federal funds rate target at 3.5%‑3.75% in April and remains data‑dependent
- US growth is expected to moderate in 2026 as households face higher energy costs
- AI advancements are seen as a productivity boost, though labor‑market impacts are being monitored
- Fed banned Crystal Moore (Atlantic Union Bank) for CARES Act loan fraud
- Fed banned Jesse Romo (Frost Bank) for embezzling bank funds
- Enforcement actions highlight Fed’s scrutiny of bank fraud post-pandemic
Energy/Oil 1
- U.S. power sector gas consumption forecast at 43.7 Bcf/d for summer 2024‑2025, unchanged from last year
- That level is 4% above the 2021‑2025 five‑year summer average
- Summer 2027 gas consumption for power generation projected to rise 6% to 46.1 Bcf/d, a new record beating 2024 by 3%
- Overall U.S. electricity demand expected to increase 2% this summer, offset by higher renewable generation
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