From U.S. debt ceiling drama to the release of the Fed minutes, and the latest sentiment reading from business leaders, I’m Jeff Kleintop and here’s 90 seconds on what you need to know for the week ahead.

Kicking off the week there is some optimism about a debt ceiling deal. The hope is that the House can vote on a deal by the end of this week and the Senate next week…but we expect a number of twists and turns.

On Tuesday, we get the preliminary May Purchasing Managers’ Indices that track the sentiment of business leaders around the world. The manufacturing sector likely remains in a recession, but services are expected to show continued strength in May keeping the overall global economy stuck in the middle with sluggish growth.

On Wednesday, we get the IFO survey of Germany’s business climate, expected to show continued strength. The outlook has improved in 2023 helping drive the German DAX Index to all-time highs last week.

On Thursday, the Fed issues minutes of its May policy meeting where it raised interest rates by 25 basis points and hinted it may be the final move. Markets will look for how united – or not – the committee is on 5.25% as the peak in the policy rate.

On Friday, we get a read on the U.S. consumer with personal income and spending for April. Earnings reports from Best Buy, Costco and Dollar Tree this week are expected to echo the cautionary note sounded last week by retail peers Walmart, Target, and Home Depot, as tightened household budgets continue to crimp consumer demand.