Economics Week Ahead

Research evidence excerpt

Economics Week Ahead

Economics

Weekly — June 18, 2026

Consumer spending remains resilient, but underlying fundamentals continue to weaken. Economist(s)

We expect nominal personal spending to rise at a solid pace in May, largely reflecting

higher energy prices, with the PCE deflator accelerating and pushing year-over-year Tom Porcelli

inflation back above 4%, leaving real consumption relatively subdued. At the same time, Chief Economist | Wells Fargo Economics

income dynamics remain soft, with real disposable income in negative territory and Tom.Porcelli@wellsfargo.com | 212-214-6422

savings rates near historic lows, suggesting households are increasingly stretched even as Tim Quinlan

Q2 consumption tracks a modest pace. In Canada, inflation is still being driven primarily Senior Economist | Wells Fargo Economics

by energy, and while we expect a firm headline CPI print, core measures should remain Tim.Quinlan@wellsfargo.com | 704-410-3283

contained. In emerging markets, we expect Banxico to leave rates unchanged next week Sarah House

after policymakers indicated at the previous meeting that the easing cycle had likely Senior Economist | Wells Fargo Economics Sarah.House@wellsfargo.com | 704-410-3282

concluded.

Charlie Dougherty

United States: Senior Economist | Wells Fargo Economics

Charles.Dougherty@wellsfargo.com | 212-214-8984

• Personal Income & Spending (Thursday) Michael Pugliese

G10 Economies: Senior Economist | Wells Fargo Economics Michael.D.Pugliese@wellsfargo.com | 212-214-5058

• Canada CPI (Monday) Jackie Benson

Economist | Wells Fargo Economics

Emerging Markets: Jackie.Benson@wellsfargo.com | 704-410-4468

• Banxico Policy Rate (Thursday) Shannon Grein

shannon.grein@wellsfargo.com | 704-410-0369

Wells Fargo Economics Week Ahead Nicole Cervi