U.S. Economic Resilience Amid Greater Than Expected Contraction

According to Odaily, the U.S. economy demonstrated resilience despite a larger-than-anticipated contraction in the first quarter. Durable goods orders increased by 16.4% in May, while weekly unemployment claims rose moderately to 236,000. The first-quarter GDP contracted by 0.5%, surpassing the earlier forecast of 0.2%. Amid concerns over the Federal Reserve's independence, the dollar maintained its overnight downward trajectory. The Wall Street Journal reports that U.S. President Donald Trump may appoint a successor to Chairman Powell earlier than usual to weaken the current hawkish stance. Marc Chandler from Bannockburn commented that such direct attempts to influence the Federal Reserve would not be welcomed by investors.