FOMC Maintains Trajectory Despite Delayed Cut Expectations

The Federal Open Markets Committee on Wednesday again voted to maintain its rate targets at 5.25% - 5.50%, as widely expected. There was perhaps a heightened sense of drama on Wednesday afternoon, because the Bureau of Labor Statistics (BLS) had released May CPI data six hours earlier. Following soft April CPI data, May Core CPI came in with, as Fundstrat Head of Research Tom Lee put it, “a huge downside reading” – +0.16 MoM versus +0.28% consensus. Super Core CPI (Core CPI excluding hous...

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