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This preview was originally released this past Sunday to Premium Donors. If you would like to get the first look at this kind of content, please feel free to reach out to us here or start a 30-day free trial today Sections: 1. Summary 2. Key Dynamics Within Baseline View

Summary: The risks for May (CPI) are still tangibly to the upside, but developments from April CPI do shade favorably relative to what was the baseline headed into the April CPI preview.

Growing, Slowing, Stabilizing. The economy is continuing to grow, but more slowly, and with fewer higher-order cycles and bullwhips swinging things around. Hiring remains strong, but has fallen from its recovery peak.

This preview was originally published two days ago. It has been updated to reflect the additional information from JOLTS and the flurry of Fedspeak yesterday. Baseline View Slower job growth, slower wage growth, an unemployment rate that might fall to a new record low. In light of mixed JOLTS report