Macro Briefing: 14 May 2024

* 1-year-ahead consumer inflation expectations increase to 3.3%: NY Fed survey
* New US tariffs on China raise tensions with Beijing
* US regulators OK changes to ease transmission of renewable energy
* Home Depot’s Q1 revenue below expectations but earnings outperform
* US small business sentiment ticks up in April but remains below average:

Fed funds futures market continues to price in rate cuts for later this year, based on CME data. The first cut is expected at the Sep. 18 FOMC meeting via a moderate 65% implied probability estimate.