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DEFAC will meet this Wednesday to deliver the final revenue forecast for the to-be-passed budget. Most of the budget writing work is done, and the main impact of this week’s report will be on how much money will be sent to bond bill and grant-in-aid.
Economic data this week includes the release of housing starts and building permits for the month of May on Tuesday. On Wednesday, Fed Chairman Jerome Powell will host a press conference, and on Friday we’ll see existing home sales figures for May. It is also interesting to note that storms have left millions of acres unseeded in the $51 billion U.S. corn market and put crops that were planted late at a greater risk for damage from severe weather during the growing season. Together, the problems heap more pain on a farm sector that has suffered from years of low crop prices and a U.S.–China trade war that is slowing agricultural exports.