Gary Siegel

Texas factory activity, as measured by the production index, "declined in May after two months of increases," according to the monthly business activity survey conducted by the Federal Reserve Bank of Dallas, released Tuesday.

The consumer confidence index decreased to 92.6 in May from a revised 94.7 last month, The Conference Board reported Tuesday.

The Chicago Purchasing Managers' Business Barometer dropped to 49.3 in May from 50.4 in April, the National Association of Purchasing Management-Chicago said Tuesday.

The Midwest Economy Index remained at 0.25 in April, the Federal Reserve Bank of Chicago said Tuesday.

Observers should not "prejudge" the Federal Open Market Committee's June meeting, since any moves will be data-dependent, but a hike can happen even though there's no press conference after the meeting, Federal Reserve Bank of St. Louis President James Bullard said in a televised interview.

Service sector activity "increased at a slower pace in May," according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.

Manufacturing activity in the central Atlantic region "slowed in May," according to the monthly business activity survey conducted by the Federal Reserve Bank of Richmond, although the manufacturing index slipped to negative 1 in May from positive 14 in April.

The region's non-manufacturing sector slipped in May, as the general business conditions index declined to 4.6 from 13.5 in April, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.

The U.S. is close to a rate hike, Federal Reserve Bank of Boston President Eric Rosengren said in a published report this weekend.

Existing home sales grew 1.7% to a seasonally adjusted 5.45 million-unit rate in April from a revised 5.7% gain to a 5.36 million sales pace, first reported as a 5.1% increase to a 5.33 million pace the previous month, the National Association of Realtors announced Friday.

The composite index of Leading Economic Indicators was up 0.6% in April following a revised flat reading in March, first reported as a 0.2% rise, the Conference Board reported Thursday.

The region's manufacturing sector contracted in May, as the general business conditions index slipped to negative 1.8 from negative 1.6 in April, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.

The Chicago Fed National Activity Index for April climbed to positive 0.10 from a revised negative 0.55 reading in March, while the three-month moving average (CFNAI-MA3) slipped to negative 0.22 from a revised negative 0.18 in March, the Federal Reserve Bank of Chicago reported Thursday.

Industrial production surged 0.7% in April, the Federal Reserve reported Tuesday.

The New York region's service sector activity "expanded modestly," according to the Federal Reserve Bank of New York's May Business Leaders Survey, released Tuesday.

Builders' confidence in the market for new single-family homes was unchanged as the National Association of Home Builders' housing market index remained at 58 in May.

There is a "pretty strong" case for the Federal Open Market Committee to raise the fed funds rate target next month, Federal Reserve Bank of Richmond President Jeffrey Lacker said in an interview published Monday.

The Empire State Manufacturing Survey showed "business activity declined for New York manufacturers," the Federal Reserve Bank of New York reported Monday, as the general business conditions index plunged to negative 9.02 in May from positive 9.56 in April.

The University of Michigan's preliminary May consumer sentiment index reading was 95.8, compared to the final April 89.0, and the preliminary April 89.7, according to market sources.

The fed funds rate target is too low for current conditions and should be raised, Federal Reserve Bank of Kansas City President and Chief Executive Officer Esther L. George said Thursday.