Outlook 06/12: U.S. stock futures jump on cool inflation report ahead of Fed decision. The consumer price index was unchanged for the month of May, lower than estimate for a 0.1% monthly increase. Year over year, the inflation yardstick increased 3.3%, which also came in below expectations and a represented a slowing from the prior 3.4% pace. Monthly and yearly numbers for core CPI, which excludes the volatile prices associated with energy and food, were also lower than anticipated. The 10-year Treasury yield tumbled back below 4.3% as inflation concerns eased ahead of Wednesday’s conclusion of the Fed’s two-day policy meeting. The Fed will provide new forecasts for rate cuts and inflation Wednesday afternoon followed by a press conference with Fed Chair Jerome Powell.
/ESM24 (JUN 2024): YVAH 5367 YPOC 5355 YVAL 5335 GAP 5385.25
/ES Plan: Yesterday market closed balanced, but overnight, after CPI data, looks 100% bullish, moving above previous value/range, so these're the opening and initial balance options for today:
