By THE NEW YORK TIMES
May 23, 2017
We’re following major developments in the markets throughout the day. Check below for the latest updates.
What to Watch For:
• The Trump administration will release its budget request, a package that calls for spending more than $2.6 billion on border security — including $1.6 billion to begin work on a border wall — and cutting more than $800 billion from Medicaid.
• Fed speakers: the president of the Federal Reserve Bank of Philadelphia, Patrick T. Harker, will deliver a speech in New York, while the president of the Minneapolis Fed, Neel Kashkari, will participate in a round table in Minneapolis.
• Don’t forget to read the DealBook Morning Agenda.
Index of German Business Confidence Hits All-Time High
Germany continues to be upbeat about economic growth, with a closely watched index of business confidence in the country hitting an all-time high.
The rise in the Ifo Institute’s gauge was driven by a positive assessment from manufacturing, with many companies in the sector planning to raise production and forecasting an increase in prices.