May Inflation + June FOMC

We see today’s print to be one of the first encouraging inflation prints for the Fed. The broader softness across components could point to a continuation of the slowing inflation data. May Core CPI came at 0.163% M/M (2% annualized), which was well below estimates....

The Market in Pictures, April 26

Our team looks at a lot of research throughout each day. A few charts that caught our eye this week, and the way they fit the unfolding puzzle of evidence: John Luke: Like savers vs. borrowers, there is a huge split right now between services and goods inflation...

Traditional Bonds Still Not Ideal

The flexible components of core CPI have been in deflationary territory over the past year (blue line in the chart below). The stickier components of core CPI, however, are still running well above their pre-pandemic average (orange line).   Source: Bianco as of...