@ the White House
In the morning, the President will depart from Miami, Florida and travel to San Juan, Puerto Rico. The departure from Miami International Airport and arrival at Luis Muñoz Marin International Airport are open press.
Upon arrival in Puerto Rico, the President will deliver brief remarks at a welcome event at Luis Muñoz Marin International Airport. These remarks are open press.
In the afternoon, the President will visit La Fortaleza, the historic Governor?s mansion. There will be travel pool coverage of the visit.
Later in the afternoon, the President will conduct local interviews with El Nuevo Día and Univision of Puerto Rico.
Later, the President will attend a DNC event. This event is closed press.
In the evening, the President will depart from San Juan, Puerto Rico and return to Washington, DC. The departure from Luis Muñoz Marin International Airport is open press, and the in-town travel pool will accompany the return to Washington, DC.
@ Wall Street
A number of key releases due in the upcoming week will still be in focus when the FOMC meets again June 21-22. The two most important inflation releases are the PPI and Retail Sales, and will be released today.
Retail sales are expected to fall for the first time since last June, due to declining sales at automobile dealerships and gasoline stations. In May, for the first time since last September, energy prices will not be driving a big headline increase in the PPI.
Nor do we expect any shock from food prices, which probably edged down slightly. Some pass-through of materials cost increases plus a bit of additional short-term upward pressure from motor vehicles will drive the core, as inventory shortages curbed discounting.
