Thursday’s economic calendar features a heavy slate of U.S. data, including durable goods orders, the final Q1 GDP reading, weekly jobless claims, and the Fed’s preferred inflation gauge. Durable goods orders are expected to fall 4.7 percent on the month, weighed down by volatile aircraft orders, while orders excluding transportation are forecast to rise 0.4 percent, supported by AI-related investment. The final estimate of first-quarter GDP is seen unrevised at 1.6 percent growth. Initial jobless claims are projected at 225,000, little changed from the prior week’s 226,000 and consistent with a balanced labor market. The core PCE price index, derived from the personal income and outlays report, is expected to rise 0.3 percent on the month and 3.4 percent from a year ago, based on already-released CPI and PPI data for May. Consumer spending is forecast to outpace income growth, with personal consumption expenditures up 0.5 percent and personal income up 0.4 percent. Other releases include the Chicago Fed National Activity Index, corporate profits, advance retail and wholesale inventories, the EIA natural gas storage report, and the Kansas City Fed manufacturing index. A 7-year Treasury note auction is scheduled, and Fed officials John Williams and Austan Goolsbee are set to speak later in the day.