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The Latest Breaking News from Inflation

US prices rose 4% over the last year as Fed considers pause in rate hikes

Inflation year-over-year in May was down 0.9% compared with April and is the lowest rate since April 2021

The Guardian - US

New report shows inflation cooling, but some prices remain high

The data comes as the Fed is likely to keep interest rates steady for the first time in 15 months.

Axios

US gets closer to bringing prices under control as inflation falls to two-year low of 4%

But a higher core inflation figure suggests there is still work to be done

Evening Standard

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US consumer price growth slowed last month, though underlying inflation measures stayed high

Consumer prices in the United States cooled last month, rising just 0.1% from April to May and extending the past year’s steady easing of inflation

The Independent UK

Cheaper eggs and gas lead inflation lower in May, but higher prices pop up elsewhere

Inflation cooled slightly in May, thanks in part to falling gas and egg prices. But the overall cost of living is still climbing faster than the Federal Reserve would like.

WEKU

Wealth rises with $140 billion property price surge in early 2023

Australia’s housing market has surged by $140 billion in early-2023 amid an extraordinary rebound in property prices.

The New Daily

S&P Futures Tick Higher Ahead of U.S. Inflation Data, FOMC Meeting

June S&P 500 futures (ESM23) are trending up +0.16% this morning as market participants braced for the release of a crucial U.S. inflation report while also awaiting a pause in one of the Federal Reserve’s most aggressive tightening campaigns witnessed in decades.

Barchart

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Stock market today: Global markets higher ahead of US inflation, Fed rates decision

Global stock markets and Wall Street futures are higher ahead of a U.S. inflation update and a Federal Reserve decision on another possible interest rate hike

The Independent UK

Mortgage borrowers warned of further rate rises as ANOTHER major lender pulls deals

Santander is the latest major mortgage lender to announce a temporary pause on some mortgage applications, with plans to relaunch its products on Wednesday

Daily Mirror

UK short-term borrowing costs surge above Truss-era highs; US inflation falls to 4% – as it happened

UK interest rates expected to hit 5.5% by December after regular pay grows by a record, sending two-year bond yields soaring

The Guardian - UK

Stock market today: Asia markets higher ahead of US inflation, Fed rates decision

Asian stock markets are mostly higher ahead of a U.S. inflation update and a Federal Reserve decision on another possible interest rate hike

The Independent UK

Jobs market shows no sign of slowing as number in work exceeds pre-pandemic level, wages surge by 7.2%

Pay rose faster than expected, though was still not keeping pace with inflation

Evening Standard

Don't blame workers for falling productivity – we're not the ones holding it back

Suddenly Australians are being told we need to produce more if we want our wages to merely keep up with inflation.

The Conversation

Morgan Stanley’s investment chief called 2022’s bear market, and he says stocks are still hibernating—he sees a 14% drop ahead

“With the S&P 500 rally now crossing the 20% threshold, more are declaring the bear market officially over. We respectfully disagree,” Mike Wilson wrote Monday, arguing corporate earnings are set to fall.

Fortune

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The Independent UK

Mortgage turmoil deepens as Santander pulls loans and interest rates could rise again

Soaring cost of home loans is ‘very important’ issue says HSBC UK boss

The Guardian - AU

Guardian Essential poll: voters trust Labor over Coalition to manage cost of living and inflation

Poll also shows support for government initiatives to regulate artificial intelligence

The Conversation

Kenya's first budget under Ruto - three experts review its key points

President William Ruto’s first budget comes to the national assembly on 15 June against the backdrop of massive public debt and public disquiet over high inflation. The KSh3.663 trillion (US$26.35 billion) plan sets out priority areas of an administration that campaigned on the platform of empowering the informal sector. Many…

Birmingham Post

Improvement in East Midlands manufacturing could be slowing, warns NatWest

'Inflation remained a key concern for firms and their expectations regarding future output levels'

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The Independent UK

Tax cuts without lower inflation is ‘betrayal’ of Thatcher, says minister

Gillian Keegan said the Government would need to ensure ‘sound money’ and financial stability before planning to cut taxes.

Daily Mirror

Gillian Keegan attacks 'fairytale' economics of Tory right as civil war deepens

'Selectively choosing bits of the legacy and dressing it up as Thatcherism is a betrayal of her great legacy,' Gillian Keegan told the Centre for Policy Studies' annual Margaret Thatcher Conference in a dig at Liz Truss

The Guardian - UK

Bank of England rates-setter says further hikes may be needed

Jonathan Haskel suggests surging borrowing costs for households is a price worth paying to tackle inflation

Evening Standard

Italians call for pasta strike as food prices soar above inflation

A consumer group is urging a week-long national pasta strike starting on June 22 amid soaring food prices

Fortune

Larry Summers warns U.S. economy is still ‘very, very hot' with 'pockets of distress' in commercial real estate

The U.S. is "an underlying 4.5-5% inflation country,” said Summers, a few days ahead of Tuesday's inflation report.

Barchart

Stocks Set to Open Higher as Investors Await Fed Meeting, Inflation Data

June S&P 500 futures (ESM23) are up +0.23%, and June Nasdaq 100 E-Mini futures (NQM23) are up +0.46% this morning as market participants looked ahead to the latest U.S. inflation data and the Federal Reserve’s interest rate decision this week.

Bangkok Post

‘Decade of emerging markets’ may be about to regain traction

Emerging-market bulls are still upbeat on the asset class, even after China’s highly-touted reopening rally fizzled and proved Wall Street’s early 2023 optimism to be misplaced.

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