Fed chair Kevin Warsh said he has not heard strong conviction in participants' submitted forecasts.

U.S. May retail sales rose 0.9% MoM vs. 0.5% expected, the Commerce Department’s Census Bureau said, a print that may lose momentum as the boost from large tax refunds fades. Part of May’s gain reflected higher gasoline receipts after prices earlier spiked to a four-year high amid the Iran war; gasoline has since retreated and the national average this week fell below $4/gal for the first time since April. Core retail sales—excluding autos, gasoline, building materials and restaurants—rose 0.7% in May (April +0.5%), the series that most closely maps to GDP consumer spending. Tax refunds and a stronger stock market have jointly supported outlays, but the increase has been partly financed by lower savings: the household saving rate fell to a four-year low in April. Tax season has ended and much refund funding has been spent. PNC Financial economists say internal data show households are depleting refund balances faster than in prior years, with higher gasoline spending the main driver.

美國總統特朗普：與海灣國家討論非核問題。