QQQ - May CPI Report: Positive Trends Ahead Of June FOMC Meeting
2024-06-12 10:00:27 ET
Summary
- May’s CPI reading largely met expectations, with both the topline and core readings landing better than anticipated.
- The early AM release marks the first of two noteworthy macro-related events on Wednesday.
- Today’s CPI report is likely to reflect positively on the FOMC’s dot plot update later in the day.
- Despite easing goods-based inflation, prices remain sticky in key categories.
- This will likely keep inflation at levels above the Fed’s targeted range, though I do not expect this to have a negative impact on the expected near-term policy path.
Wednesday’s first of two macro salads came in the form of the May inflation report. Ahead of the June Federal Open Market Committee (“FOMC”) meeting later this afternoon, the report appears to have served its purpose for wary policymakers....
May CPI Report: Positive Trends Ahead Of June FOMC Meeting