June 11, 2021 Headlines

Markets continue to digest yesterday’s CPI report that supported the Federal Reserve’s view of transitory inflation pressure. The headline report showed CPI increased 0.6% in May due to costs for used cars, household furnishings, airfare, and apparel. Core CPI, which excludes volatile food and energy costs, grew by 0.7% MoM or 3.8% YoY because of the pandemic base effect. Initially, US Treasury sold-off on the news but reversed course and rallied throughout the trading session.  This morning, the 10-year yield is 1.45% and S&P500 futures are up 0.13%.

Hafizan Hamzah
Director, Investment Management Group

DateEventSurveyActualPriorRevised
6/7/2021Consumer Credit$20.000b$18.612b$25.841b$18.584b
6/8/2021NFIB Small Business Optimism10199.699.8
6/8/2021Revisions: Trade Balance
6/8/2021Trade Balance-$68.7b-$68.9b-$74.4b-$75.0b
6/8/2021JOLTS Job Openings8200k9286k8123k8288k
6/9/2021MBA Mortgage Applications-3.10%-4.00%
6/9/2021Wholesale Inventories MoM0.80%0.80%0.80%
6/9/2021Wholesale Trade Sales MoM0.80%4.60%4.30%
6/10/2021CPI MoM0.50%0.60%0.80%
6/10/2021CPI Ex Food and Energy MoM0.50%0.70%0.90%
6/10/2021CPI YoY4.70%5.00%4.20%
6/10/2021CPI Ex Food and Energy YoY3.50%3.80%3.00%
6/10/2021CPI Index NSA268.681269.195267.054
6/10/2021CPI Core Index SA275.058275.718273.7
6/10/2021Real Avg Weekly Earnings YoY-2.20%-1.40%-1.70%
6/10/2021Real Avg Hourly Earning YoY-2.80%-3.70%
6/10/2021Initial Jobless Claims370k376k385k
6/10/2021Continuing Claims3665k3499k3771k3757k
6/10/2021Langer Consumer Comfort55.455.6
6/10/2021Household Change in Net Worth$4997b$6925b$8064b
6/10/2021Monthly Budget Statement-$250.0b-$132.0b-$398.8b
6/11/2021Bloomberg June United States Economic Survey
6/11/2021U. of Mich. Sentiment84.286.482.9
6/11/2021U. of Mich. Current Conditions91.390.689.4
6/11/2021U. of Mich. Expectations78.783.878.8
6/11/2021U. of Mich. 1 Yr Inflation4.70%4.00%4.60%
6/11/2021U. of Mich. 5-10 Yr Inflation2.80%3.00%

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