Favorable Setup Persists, but the Lack of Follow-Through Requires Closer Scrutiny
Overall, it was a Good CPI/FOMC Day
As any market observer knows by now, CPI came in remarkably cool yesterday. May CPI data was soft across the board, with headline inflation at 0.0% M/M vs. 0.1% expected and core inflation at 0.2% M/M vs. 0.3% expected.
The unexpected data fueled a violent rally across all risk assets as rates fell, and the futures market started to price in additional cuts, undoing much of the damage following the hot NFP print last Friday.
Fast forward to the FOMC presser, and we received a relatively hawkish dot plot, where Fed officials priced in one cut for the rest of thi...Unlock this article by joining our Community!
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