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M Notes:  Mon, 6-13 Thumbnail

M Notes: Mon, 6-13




Weekly Close:
6-10-2022
+ (-)%
Dow31,393-1,407-4.3%
S&P3,901-207-5.0%
Nasdaq11,340-673-2.85.6%
10-year3.16+0.21+7.1%
Oil120.67+0.31+0.3%


LAST WEEK:

Markets:  They don’t like to be surprised in a negative way.   All of the attention has been (and will continue to be) on Inflation. Hopes had been that Inflation was starting to ease.   Apparently not.  

S&P roller coaster last week:  up, up, down, down significantly, and down significantly.

Fed Balance Sheet:   $8.918 trillion.  

Inflation:  The Consumer Price Index (CPI) came out Friday morning.  Expectations were for the number to drop from 8.3% down to 8.2%.  The actual number came in higher at 8.6%.  Markets did not respond well to the upward surprise.  

Jobless claims:  The weekly number came in at 229,000.  The four-week average is 215,000.  

Radio:  I was out of town Friday morning, so Bill and I didn’t chat this week.    You can normally hear us most Friday mornings at 6:38a, 7:38a, and 8:38a on 1100AM.


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THIS WEEK:

Focuses of the week:  The first will come on Tuesday morning when we get the update on Wholesale inflation.  And then the focus will move to the Fed meeting.  It starts on Tuesday and concludes Wednesday afternoon will a statement and then the Fed Chair’s press conference.  Do you remember the old advertising phrase “when E.F. Hutton talks…”.   Yah well, all eyes are on the Fed.   

Indicator focus:  The PPI (Tue); Fed meeting statement, Fed Chair press conference, retail sales (Wed); jobless claims, housing starts (Thu); and industrial production (Fri).