Inflation data today
May 31, 2024
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–News today includes the Fed’s preferred measure of inflation, Core PCE prices, yoy expected +2.8 same as last month. Headline expected 2.7, also same as last.
On a less important note (perhaps) Chicago PMI is released. Last at 37.9, it’s expected 41. The lowest print in the past 4 years was 37.8 in Nov 2022. If it doesn’t bounce, it’s another indication of weakness….like CRM, like Kohl’s, like Target, like Workday.
–Yields fell across the curve yesterday with tens down 7 bps to 4.562% and thirties down almost 6 at 4.684%. SFRM5 to SFRM8 +6.5 to 8.5. Felt like some trades were simply end-of-the-month liquidations. Not much reaction to Trump’s guilty verdict. Stocks generally weak. NVDA made a new high on an outside range and closed down 3.8%. Possible trend reversal.
