- Minutes released covering discussions held on May 21-22, 2026
- Meeting focused on current bond market conditions and outlook
- No specific yield or policy figures disclosed in the summary
June 2, 2026
▼ 2– 10
Markets 1
Macro/Economy 3
- Euro zone inflation rose to 3.2% in May, driven by 10.9% energy price growth
- Services inflation rose to 3.5% and food prices cooled to 2% in May
- Markets now price in a 94% chance of ECB hiking interest rate by 25bps next week
- Job openings surged to 7.6 million in April, up 731k from March and the highest since May 2024
- Hiring fell to 5.12 million, a decline of 419k, while layoffs and quits also decreased
- Professional and business services accounted for nearly all openings, up 668k
- Global current account surplus expected to narrow modestly in June
- Improving trade balances offset weaker services earnings in most economies
- Emerging market deficits projected to rise as import costs increase
Central Banks 6
- Eurozone has grown to 21 countries, with 350 million Europeans using the euro
- Convergence criteria ensure stability and durability of the EMU
- Participation in ERM II is a key step in adopting the euro
- Federal Reserve, FDIC, and OCC jointly removed 'reputation risk' from interagency documents
- Action aims to prevent misuse of risk assessments for political/religious or lawful business reasons
- Updates focus on ensuring supervisory decisions are based on material financial risks only
- Euro's share in global currency use rose to ~20% in 2025, up from prior years
- Euro-denominated international debt issuance surged ~30% YoY, including record green/sustainable bonds
- Geopolitical fragmentation and alternative payment systems pose challenges to euro's dominance
- ECB highlights need for deeper capital markets and EU public debt integration to bolster euro's global role
- Euro area must reinforce economic resilience, legal integrity, and geopolitical credibility for long-term appeal
- BOJ will accept corporate bonds and equities as collateral for its liquidity operations starting end‑May
- The new list adds roughly ¥10 trillion of eligible assets, broadening funding sources for banks
- The change supports the BOJ's yield‑curve control framework and aims to improve market functioning
- BOJ will introduce a wage survey component to the quarterly Tankan questionnaire.
- Inventory questions on finished goods and wholesalers will be removed.
- The revised Tankan is slated for rollout in the first half of 2027 after a public consultation that received about 30 comments.
- BoJ report lists holdings of coins, real estate investment corporation bonds and equity, and index‑linked ETF interests.
- Foreign currency assets include deposits at foreign central banks, securities, mutual funds and USD‑linked loan programmes.
- Deposits held by agents for treasury operations and Japanese government securities are disclosed as reserved assets.
- Loans under special U.S. dollar lending rules are classified separately from other loan assets.
Energy/Oil 1
- California natural gas spot prices for Jan‑May 2026 fell to the lowest monthly averages since 2024.
- Record lows recorded at PG&E Citygate (Northern CA) and SoCal Border Average; SoCal Citygate prices stayed above some 2024 levels but near record lows.
- Drop driven by above‑average inventories and reduced in‑state demand for gas‑fired electricity.
Other 1
- Public consultation launched to select UK wildlife for £5, £10, £20, and £50 notes
- Shortlist includes 3 categories of native species; final decision by BoE Governor Andrew Bailey by end-2026
- New series to feature nature theme with enhanced anti-counterfeiting security features
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