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M Notes: Mon, 6-17 Thumbnail

M Notes: Mon, 6-17




Weekly Close:
6-14-2024
+ (-)
%
Dow
38,589
-210
-0.5%
S&P
5,432
+85
+1.6%
Nasdaq
17,689
+556
+3.2%
10-year
4.24
-0.20
-4.5%
Oil
78.45
+3.14
+4.2%


LAST WEEK:


Markets:  They were mixed, as Inflation remains a focus.    

S&P roller coaster last week:  Up, Up, Up a lot, Up, and Down a touch. 

Fed Balance Sheet:  $7.259 trillion (last week… up +$3 billion).  Reminder: their balance sheet was closer to $4 trillion before the Pandemic.   

Fed Meeting:   There was no change in their interest rate.  At the beginning of the year, some were predicting as many as 6 interest rate cuts.   Chairman Powell says they are still looking to do 1 cut.  Why the change?  Inflation remains sticky and hasn’t gone away.   

Inflation:  Consumer inflation (the CPI) dropped a tick, from 3.4% down to 3.3% in May Y/Y.   Wholesale inflation (the PPI) remained at 2.2%.    

Jobless claims:  The weekly number came in at 242,000.  The four-week average came in at 227,000. 

National Debt:  $34.829 Trillion (last week… up +$20 billion).


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THIS WEEK:


Focus of the week:   It looks to be a quiet week with a few updates for Retail sales and Housing.   

Calendar:  Retail sales, industrial production (Tue); housing starts, jobless claims (Thu) and existing home sales (Fri).