The U.S. Federal Reserve (Fed) is unlikely to cut interest rates until late this year due to persistent inflation. Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, stated that the Fed would not be able to reduce interest rates if inflation remains strong.

Consumer confidence in the United States rose to 102.0 in May from 97.5 in April, but concerns about inflation persist, and U.S. consumers expect interest rates to rise further next year.

The State Secretariat for Economic Affairs (SECO) of Switzerland will report the Gross Domestic Product (GDP) on Thursday. The GDP growth figure for the first quarter of 2024 is expected to expand by 0.3% quarter-on-quarter.