Pre-market futures are in the red at this hour, but improving off early-morning lows directly following the latest inflation numbers for May. The Dow is currently -262 points (-374 points ahead of the print), -34 points on the S&P 500 (-59 before) and -204 on the Nasdaq (-387 points prior to the CPI report). CPI Meets Expectations, Inflation Rate: +4.2% The good news for this morning's Consumer Price Index (CPI) is that they matched expectations exactly, nearly everywhere across the board. Headline CPI mont ...

Year-over-year headline inflation hit 4.2% in May, the first time the Consumer Price Index (CPI) has topped 4% in three years. But beneath the surface, the prices on several consumer goods and services declined, which is good news for Kevin Warsh as he kicks off his tenure as the new chair of the Federal Reserve's influential Board of Governors. Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in ...

USA | Airlines Equity Research CPI Reported Airfares Up 26.7% Y-o-Y in May and +2.7% vs April Reading The BLS reported CPI +4.2% y-o-y (vs cons +4.2%) for May, +0.5% m-o-m (vs cons +0.5%). This is ahead of April's +3.8%. Airfares were up 26.7% y-o-y and up 2.7% from April (SA). The strong May airfare print is in line with airline mgmt commentary, w/ Q2 guidance across our US airlines coverage pointing to DD unit revenue increases y-o-y in the quarter. Airfares face easier y-o-y comps (Feb-Jun), as bookings ...

美国通胀数据与黄金市场反应 - 美国5月消费者价格指数环比上涨0.5%，4月为环比上涨0.6%，数据符合经济学家预期 [1] - 过去12个月整体通胀率跃升至4.2%，高于5月份3.8%的增幅 [2] - 核心通胀率（剔除食品和能源）过去12个月同比上涨2.9%，略高于4月份2.8%的涨幅，符合普遍预期 [2] 通胀数据细分 - 5月核心消费者价格指数环比上涨0.2%，低于4月0.4%的环比增幅 [2] - 5月核心通胀数据略低于预期的0.3%环比增幅 [2] 黄金市场动态 - 黄金市场出现小幅释然性反弹，因投资者此前已为最坏的通胀情况做准备 [3] - 黄金价格上周跌破200日移动均线支撑位后，分析师仍看到进一步的下行风险 [3] - 尽管通胀未失控，但仍远高于美联储2%的目标，市场仍在定价年底前的潜在加息 [3]

美国消费者价格指数(CPI)数据概览 - 美国5月消费者价格指数(CPI)同比上涨4.2%，高于4月的3.8%，为三年来最高12个月读数[1] - 经季节性调整后，5月CPI环比上涨0.5%，4月环比涨幅为0.6%[1] 能源价格变动 - 能源是主要驱动因素，5月能源指数上涨3.9%，贡献了当月整体涨幅的60%以上[2] - 5月汽油价格上涨7.0%，过去12个月累计上涨40.5%[2] - 过去12个月，整体能源指数上涨了23.5%[2] 食品价格变动 - 5月食品价格上涨0.2%[3] - 5月家庭食品（食品杂货）指数微涨0.1%，其中非酒精饮料、谷物和烘焙产品、水果和蔬菜价格上涨，但乳制品及相关产品价格下跌0.6%[3] - 5月外出就餐（家庭外食品）指数上涨0.3%[3] - 过去12个月，整体食品指数上涨3.1%[3] 核心通胀（剔除食品和能源） - 5月核心CPI（剔除食品和能源）环比上涨0.2%，4月环比上涨0.4%[4] - 过去12个月核心CPI上涨2.9%[4] - 5月住房成本环比上涨0.3%，同比上涨3.4%[4] - 5月通讯价格上涨1.3%，机票价格上涨2.7%，医疗护理服务价格上涨0.5%[4] - 5月机动车保险价格下跌1.7%，新车价格下跌0.3%，家庭陈设和运营价格下跌0.6%[4] 其他消费者价格指数 - 过去12个月，城市工薪阶层和文职人员消费者价格指数(CPI-W)上涨4.4%，指数水平达到328.829[5] - 过去12个月，所有城市消费者的链式消费者价格指数(C-CPI-U)上涨4.0%[5]

美国5月CPI数据概览 - 5月美国消费者价格指数(CPI)环比增长0.5%，同比增长4.2% [3] - 年率4.2%为自2023年4月以来的最高水平，且是三年多来首次超过4% [3][4] - 核心CPI(剔除食品和能源)环比增长0.2%，同比增长2.9% [5] 通胀主要驱动因素 - 能源价格是主要推手，5月环比跳涨3.9%，过去12个月累计上涨23.5% [8] - 食品价格仅温和上涨0.2% [8] - 住房成本上涨0.3%，仅为4月涨幅(0.6%)的一半 [8] 通胀数据与市场预期对比 - 整体CPI环比0.5%及同比4.2%均符合市场预期(Dow Jones共识) [3][4] - 核心CPI年率2.9%符合预期，但月率0.2%低于0.3%的估计值 [5] 其他价格类别表现 - 运输服务价格下降0.6%，表明能源成本上涨未广泛传导 [9] - 新车价格下降0.3%，二手车和卡车价格微涨0.1% [9] 市场与政策背景 - 数据发布正值美联储官员考虑下一步利率政策之际 [6] - 市场普遍预期联邦公开市场委员会在6月17日会议将维持利率不变 [6] - 美伊紧张局势引发对油价上涨可能波及其他经济领域的担忧 [7] - CPI发布后，股指期货仍处于负区间但脱离低点，国债收益率持平 [7]