The data lineup
April CPI lands Tuesday, May 12. It follows a March number that showed consumer prices up 0.9% month-over-month and 3.3% year-over-year, driven by energy — up 10.9% — and gasoline, up 21.2%. Wednesday brings April PPI, after March's print hit 4.0% year-over-year, the largest annual increase since February 2023. Thursday delivers April retail sales and the Fed's H.4.1 balance sheet data. The latest H.4.1, from May 7, showed total Fed assets near $6.71 trillion, reserve balances around $3.03 trillion, and the Treasury General Account near $878 billion. That's a lot of data in three days.
" Translation:Dataoppstillingen
April-CPI kommer tirsdag 12. mai. Det følger etter et mars-tall som viste at forbrukerprisene steg 0,9 % måned-over-måned og 3,3 % år-over-år, drevet av energi – opp 10,9 % – og bensin, opp 21,2 %. Onsdag kommer april-PPI, etter at mars-utskriften traff 4,0 % år-over-år, den største årlige økningen siden februar 2023. Torsdag leverer april-detaljhandel og Fed's H.4.1 balansedata. Den siste H.4.1, fra 7. mai, viste totale Fed-aktiva på nær 6,71 billioner dollar, reservebeholdninger på rundt 3,03 billioner dollar, og Treasury General Account på nær 878 milliarder dollar. Det er mye data på tre dager.
Note: "lands" -> "kommer". "print" -> "utskriften" but could be "tall" or "rapport". "Utskriften" is fine. "largest annual increase" -> "største årlige økning". "H.4.1" stays. "balance sheet data" -> "balansedata". "Treasury General Account" stays. "That's a lot of data" -> "Det er mye data". Use comma as thousand separator? In Norwegian, we use space or dot? For numbers, original uses commas: $6.71 trillion -> 6,71 billioner dollar? In Norwegian, decimal comma is used: 6,71 billioner. But original uses period as decimal. I'll adapt to Norwegian format: 6,71 billioner dollar. Also "trillion" in English is billion in Norwegian? Actually, trillion in US English is 10^12, which in Norwegian is "billion" (1 000 000 000 000). But careful: In Norwegian, "billion" = 10^12, "milliard" = 10^9. So $6.71 trillion = 6,71 billioner dollar (since 1 trillion = 1 billion in Norwegian). Similarly, $878 billion = 878 milliarder dollar. I'll use "billioner" for trillion and "milliarder" for billion. Confirm: $3.03 trillion = 3,03 billioner dollar. Yes. Third paragraph: "The Fed and Powell's exit
Jerome Powell's term as Fed chair ends May 15. He'll stay on as a governor with a low public profile, but the leadership shift adds uncertainty. The FOMC's April 28-29 meeting held rates at 3.5% to 3.75%, though one governor dissented for a 25-basis-point cut and three officials opposed easing language. That dissent shows internal division. Kevin Warsh's nomination as next chair is moving through the Senate Banking Committee, which held a hearing — but no floor vote is scheduled yet. Markets will watch for any Powell remarks this week that hint at his views post-exit.
" Translation:Fed og Powells avgang
Jerome Powells periode som Fed-sjef avsluttes 15. mai. Han vil fortsette som styremedlem med lav offentlig profil, men lederskiftet tilfører usikkerhet. FOMC-møtet 28.–29. april holdt rentene på 3,5 % til 3,75 %, selv om ett styremedlem stemte for et kutt på 25 basispunkter, og tre tjenestemenn motsatte seg en mykere ordlyd. Den dissensen viser intern splittelse. Kevin Warshs nominasjon som neste sjef behandles i Senatets bankkomité, som holdt en høring – men ingen avstemning i plenum er planlagt ennå. Markedene vil følge med på eventuelle uttalelser fra Powell denne uken som antyder hans synspunkter etter avgangen.
Note: "chair" -> "Fed-sjef". "governor" -> "styremedlem" (Federal Reserve Board member). "low public profile" -> "lav offentlig profil". "leadership shift" -> "lederskiftet". "FOMC" stays. "held rates at" -> "holdt rentene på". "dissented for a 25-basis-point cut" -> "stemte for et kutt på 25 basispunkter". "opposed easing language" -> "motsatte seg en mykere ordlyd". "floor vote" -> "avstemning i plenum". "hint at" -> "antyder". Fourth paragraph: "Geopolitical twist
The Trump-Xi summit adds a layer none of the earlier 2026 macro tests had. Previous shocks this year — the Iran conflict and Strait of Hormuz disruption in late February, early March, and mid-April — already changed the inflation path through energy. Now, a face-to-face between the U.S. and Chinese leaders could shift trade dynamics, supply chains, and risk appetite. For Bitcoin, that's both a hedge narrative and a volatility trigger.
" Translation:Geopolitisk vending
Trump-Xi-toppmøtet legger til et lag som ingen av de tidligere makrotestene i 2026 hadde. Tidligere sjokk
