Gary Siegel

Federal Open Market Committee communications have been "useful, but … incomplete," Federal Reserve Bank of Minneapolis Senior Vice President and Director of Research Sam Schulhofer-Wohl writes in its annual report.

Builders' confidence in the market for new single-family homes fell as the National Association of Home Builders' housing market index to 54 in May from 56 in April.

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

The economy is not looking as strong going forward three years as it did last quarter and the increase in jobs will not be as large as they have recently, according to the Federal Reserve Bank of Philadelphia's survey of professional forecasters for the second quarter.

The University of Michigan's preliminary May consumer sentiment index reading was 88.6, compared to the final April 95.9, and the preliminary April 95.9, according to market sources.

Industrial production dropped 0.3% in April, the Federal Reserve reported Friday.

The Empire State Manufacturing Survey showed "business activity improved slightly for New York manufacturers," the Federal Reserve Bank of New York reported Friday, as the general business conditions index climbed to positive 3.09 in May from negative 1.19 in April.

Labor market conditions "declined modestly while momentum remained high" as the Federal Reserve Bank of Kansas City Labor Market Conditions Indicators (LMCI) widened to negative 0.252 in March from negative 0.215 in March, according to the Bank.

Business inventories were up 0.1% to $1.786 trillion in March, while sales were 0.4% higher at $1.310 trillion, the Commerce Department reported Wednesday.

The federal government ran a $156.7 billion budget surplus in April, the Treasury Department reported Tuesday.

The Federal Open Market Committee can begin normalization of monetary policy at any meeting, but it will depend on economic data, Federal Reserve Bank of San Francisco President and CEO John C. Williams repeated Tuesday.

The Conference Board's Employment Trends Index climbed to 128.22 in April from a downwardly revised 127.15 in March, and is up 5.8% from a year ago, the group announced Monday.

Wholesale inventories increased 0.1% in March, the Commerce Department reported Thursday. Wholesale sales dropped 0.2%.

U.S. inflationary pressures were up slightly in April, as the U.S. future inflation gauge grew to 101.1 from a revised March 100.2 reading, first reported as 100.5, according to data released Friday morning by the Economic Cycle Research Institute.

Consumer credit increased by $20.5 billion in March to $3.363 trillion, the Federal Reserve reported Tuesday.

Liftoff could begin at any policy meeting, including June, Federal Reserve Bank of Chicago President Charles Evans said in a televised interview Thursday, although he repeated his preference that normalization of rates should begin next year.

Non-farm productivity fell 1.9% in the first quarter, according to the preliminary data released by the Bureau of Labor Statistics Wednesday.

The Treasury Department announced details of its quarterly refunding, with plans to sell $16 billion 30-year bonds on May 14, $24 billion 10-year notes on May 13, and $24 billion 3-year notes on May 12.

Private-sector employment increased by 169,000 in April, on a seasonally adjusted basis, ADP reported Wednesday.

The U.S. services sector expanded at a faster pace in April as the non-manufacturing business activity composite index was 57.8 in the month, compared to 56.5 in March, on a seasonally adjusted basis, the Institute for Supply Management reported Tuesday.