U.S. Trade Gap Narrows for First Time in 2021 as Exports Jump
“The U.S. trade deficit narrowed for the first time this year in April as the value of goods and services exports climbed and imports fell. The gap in trade of goods and services narrowed 8.2% to $68.9 billion in April from a revised $75 billion in March, according to Commerce Department data released Tuesday. That compares with a median estimate for a shortfall of $68.7 billion in a Bloomberg survey of economists.”
ECB Is Aligning With Fed in Double Act to Keep Stimulus Flowing
“European Central Bank policy makers have all the evidence they need to keep in place their ultra-loose monetary stimulus when they meet on Thursday, thanks in part to their opposite numbers at the Federal Reserve. Despite a faster U.S. economic rebound from the pandemic and far higher inflation than in the euro zone, Fed officials have signaled they won’t slow bond buying at their own decision a week later. Their reasoning? They still can’t be sure that the recovery is entrenched enough to be self-sustaining.”
BOJ’s First ETF-Free Month Under Kuroda Wins Over Some Investors
“Some investors are cheering the Bank of Japan’s withdrawal from the stock market, even as they brace for more volatility. Japan’s central bank didn’t buy any exchange-traded funds for an entire month of May, the first time since Governor Haruhiko Kuroda kicked off his easing campaign in 2013. That’s prompting some in the market to believe the BOJ is getting serious in pulling back from such purchases.”
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