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June CPI Falls 0.4% MoM — Biggest Drop Since April 2020; Headline Inflation Cools to 3.5%
  • The BLS June CPI report, released at 8:30 a.m. ET, showed the all-items index fell 0.4% month-over-month — the largest single-month decline since April 2020 — pulling the year-over-year rate down to 3.5% from May's 4.2% and below the 3.8% consensus (https://www.bls.gov/news.release/cpi.t01.htm).
  • Core CPI (excl. food and energy) rose just 2.6% year-over-year, a notable deceleration from 2.9% in May, easing pressure on the Fed ahead of Chair Warsh's 10 a.m. testimony.
  • The soft print helped lift U.S. equity futures: Nasdaq 100 futures gained about 1.2%, S&P 500 futures added 0.5%, and the 10-year Treasury yield slipped, even as oil extended gains on Iran tensions (https://www.benzinga.com/markets/equities/26/07/60434246).
about 1 month ago