Goldman Expects 75bp Rate Hike

From Goldman Sachs chief economist Jan Hatzius

We have revised our forecast to include 75bp hikes in June and July. This would quickly reset the level of the funds rate at 2.25-2.5%, the FOMC’s median estimate of the neutral rate.”
emphasis added

• At 6:00 AM ET, NFIB Small Business Optimism Index for May.

• At 8:30 AM, The Producer Price Index for May from the BLS. The consensus is for a 0.8% increase in PPI, and a 0.6% increase in core PPI.

On COVID (focus on hospitalizations and deaths):

COVID Metrics
  Now Week
Percent fully Vaccinated 66.8% ≥70.0%1
Fully Vaccinated (millions) 221.7 ≥2321
New Cases per Day3🚩 103,821 99,621 ≤5,0002
Hospitalized3 21,746 22,956 ≤3,0002
Deaths per Day3🚩 276 266 ≤502
1 Minimum to achieve “herd immunity” (estimated between 70% and 85%).
2my goals to stop daily posts,
37-day average for Cases, Currently Hospitalized, and Deaths
🚩 Increasing 7-day average week-over-week for Cases, Hospitalized, and Deaths
✅ Goal met.

COVID-19 Positive Tests per DayClick on graph for larger image.

This graph shows the daily (columns) and 7-day average (line) of deaths reported.

New cases have quadrupled from the recent low.  Deaths are now increasing.

Average daily deaths bottomed in July 2021 at 214 per day.