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Fed under pressure as US inflation climbs
US consumer price inflation jumped 0.6%MoM in May after recording 0.8% increases in April and 0.6% in March. Core inflation jumped even more, gaining 0.7%MoM after rising 0.9% in April. The market was expecting both components to rise 0.5%. There were 0.3% or 0.4%MoM component readings throughout, suggesting broad inflation pressures while the bigger gains were once again seen in used car prices (7.3%MoM) and new vehicles up 1.6% - consumers have cash in their pockets and rental car companies are looking to rebuild fleets at a time when auto output is being constrained by component shortages. Meanwhile, apparel was ... (full story)
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