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

Date Event Survey Actual Prior Revised
6/7/2021 Consumer Credit $20.000b $18.612b $25.841b $18.584b
6/8/2021 NFIB Small Business Optimism 101 99.6 99.8 —
6/8/2021 Revisions: Trade Balance
6/8/2021 Trade Balance -$68.7b -$68.9b -$74.4b -$75.0b
6/8/2021 JOLTS Job Openings 8200k 9286k 8123k 8288k
6/9/2021 MBA Mortgage Applications — -3.10% -4.00% —
6/9/2021 Wholesale Inventories MoM 0.80% 0.80% 0.80% —
6/9/2021 Wholesale Trade Sales MoM — 0.80% 4.60% 4.30%
6/10/2021 CPI MoM 0.50% 0.60% 0.80% —
6/10/2021 CPI Ex Food and Energy MoM 0.50% 0.70% 0.90% —
6/10/2021 CPI YoY 4.70% 5.00% 4.20% —
6/10/2021 CPI Ex Food and Energy YoY 3.50% 3.80% 3.00% —
6/10/2021 CPI Index NSA 268.681 269.195 267.054 —
6/10/2021 CPI Core Index SA 275.058 275.718 273.7 —
6/10/2021 Real Avg Weekly Earnings YoY — -2.20% -1.40% -1.70%
6/10/2021 Real Avg Hourly Earning YoY — -2.80% -3.70% —
6/10/2021 Initial Jobless Claims 370k 376k 385k —
6/10/2021 Continuing Claims 3665k 3499k 3771k 3757k
6/10/2021 Langer Consumer Comfort — 55.4 55.6 —
6/10/2021 Household Change in Net Worth — $4997b $6925b $8064b
6/10/2021 Monthly Budget Statement -$250.0b -$132.0b -$398.8b —
6/11/2021 Bloomberg June United States Economic Survey
6/11/2021 U. of Mich. Sentiment 84.2 86.4 82.9 —
6/11/2021 U. of Mich. Current Conditions 91.3 90.6 89.4 —
6/11/2021 U. of Mich. Expectations 78.7 83.8 78.8 —
6/11/2021 U. of Mich. 1 Yr Inflation 4.70% 4.00% 4.60% —
6/11/2021 U. of Mich. 5-10 Yr Inflation — 2.80% 3.00% —

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