Economic data released today showed what you would expect in the current situation the United States finds itself in. Business conditions are still very weak but personal income shot higher due to government support with unemployment compensation, thePaycheck Protection Program and other Small Business Administration (SBA) programs shoveling out money.

The question is what will happen when the government sugar high runs out, and the harsh realities of the severe economic contraction set in. This is why President Trump wants to reopen the economy as fast as possible to limit any long-term damage to the engine of American prosperity -- small business, many of whom will never reopen.

The Federal Reserve Bank of the United States is also tapering its buying of US Treasuries to only $4.5B per day, down from a high of $75 billion per day at the beginning of the Chinese coronavirus economic crisis.

You can read more about the tapering process here.

Goods Trade Balance (Apr) printed at -$69.68B.

Personal Consumption Expenditures - Price Index (YoY) (Apr) printed at 0.5%.

Core Personal Consumption Expenditure - Price index (MoM) (Apr) printed at -0.4% vs -0.3% consensus estimate.

Wholesale Inventories (Apr) PREL printed at 0.4%.

Personal Income (MoM) (Apr) printed at 10.5% vs -6.5% estimate.

Personal Consumption Expenditures - Price Index (MoM) (Apr) printed at -0.5%.

Personal Spending (Apr) printed at -13.6% vs -12.6% estimate.

Core Personal Consumption Expenditure - Price Index (YoY) (Apr) printed at 1.0% vs 1.1% estimate.

Chicago Purchasing Managers' Index (May) printed at 32.3 vs 40 estimate.

Michigan Consumer Sentiment Index (May) printed at 72.3 vs 74 estimate.

Baker Hughes US Oil Rig Count printed at 222.

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