Protestors demanding Temer impeachment torch building in Brasilia; markets don’t react–so far

Protestors demanding Temer impeachment torch building in Brasilia; markets don’t react–so far

Tens of thousands of demonstrators demanding the impeachment or resignation of President Michel Temer fought with police in Brasilia today. Protestors set fire to the Ministry of Agriculture. Remarkably the Brazilian real fell just 0.16% against the U.S. dollar. And the iShares MSCI Brazil Capped ETF (EWZ) actually gained 1.09% in the official session. I’m not quite sure what the degree of calm argues.

Fed minutes from May point to June interest rate increase

Fed minutes from May point to June interest rate increase

The minutes from the Federal Reserve’s May 3 meeting, released today, point to another interest rate increase, the second for 2017, at the central bank’s June 14 meeting. According to the minutes, “most participants judged that if economic information came in about in line with their expectations it would soon be appropriate for the committee to take another step in removing some policy accommodation.”

New home sales in April disappoint

New home sales in April disappoint

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Amidst the circus don’t forget Fed minutes on Wednesday and revised GDP on Friday

Amidst the circus don’t forget Fed minutes on Wednesday and revised GDP on Friday

I’ll grant you that it’s hard, very hard, right now to pay attention to economic fundamentals. There’s the upcoming OPEC decision on oil production cuts, President Trump’s first overseas tour, the continuing circus in Washington and more. But this week also brings the release of minutes from the Federal Reserve’s May 2-3 meeting and the release on Friday of the second estimate of first quarter U.S. GDP growth.