Wall Street & The White House Agenda

@ The White House

In the morning, the President will receive the Presidential Daily Briefing and meet with senior advisors in the Oval Office.

In the afternoon, the President will hold a conference call with elected officials and student government leaders from across the country to discuss the need to prevent rates from doubling on July 1.

@ Wall Street

The data calendar lightens this coming week (May 7 ? 11), with only modest implications for monetary policy. The trade balance likely widened by about $5 billion in March, after a sharp narrowing in February, as imports rebound following the Chinese New Year.

The PPI report will provide an initial reading on inflation in April. Food and energy prices were likely a drag last month, but core PPI inflation should hold steady at the average rate seen over the past six months.

Finally, an early-May reading on consumer sentiment should show some mild deterioration in light of the disappointing jobs report, even as gasoline prices moved lower.