Market View

The US consumer price index (CPI) for May rose 3.3% on an annual basis, and the consensus forecast for the annual inflation was 3.4%, showing a path to a rate cut over the next few months. In the Federal Reserve meeting in June, the Fed announced the decision to keep the policy rate unchanged in the range of 5.25%-5.5%. In addition, Fed policymakers see just one rate cut this year and 4 cuts in 2025. The Canadian dollar was 72.73 cents USD. The U.S. S&P500 ended the week up 1.4%, while the TSX was down 1.9%.

All but one sector ended the week in red. Materials slid by 4.4%, followed by energy which gave up 3.1%. Financials edged down by 1.9%, while consumer discretionary and real estate declined by 1.6%, each. Industrials and consumer staples fell by 1.4% and 0.8%, respectively. Technology ended the week up 2.4%. The most heavily traded shares by volume were Canadian Natural Resources, Bitfarms, and Corus Entertainment.

5 from 5i

Here are five reads we found interesting last week:

• Why Haven’t Home Prices Dropped?, by Nick Maggiulli of Of Dollars And Data
• Fixed Income Has Income Again, written and published by Ben Carlson of Ritholtz Wealth Management LLC
• May CPI continued to be all about shelter, published by The Bonddad Blog
• The Bottom 50%, published by Ben Carlson of Ritholtz Wealth Management LLC
• How Would You Invest $14 Million?, written by Ben Carlson of Ritholtz Wealth Management LLC

Happy Reading & Stay Safe!

Disclosure: The analyst(s) responsible for this report do not have a financial or other interest in securities mentioned.