CPI Aftermath | Morning Express 06/13/22

Posted: June 13, 2022, 8:03 a.m.

Do not miss our Top Things to Watch this Week, out every Sunday.

- Stagflation is in the air, Friday’s HOT CPI read has ignited a massive wave of risk-off due to fears the Fed must move even more “expeditiously” to squash inflation, worsening growth.

- The Fed begins a two-day policy meeting tomorrow and odds they will hike 75-basis points has risen to 24.9%.

- June Michigan Consumer Sentiment hit a record low of 50.2 on Friday

- China walks back reopening after virus uptick. New cases in Beijing jump by 39 on Friday and rise steadily over the weekend, 7-day average to 17 through Sunday. 45 new cases on Monday.

- Dollar Index highest since May 13th high and reversal.

- 10-year futures hit lowest level since April 2010 and yield hits 3.284%, highest since April 2011.

- U.S. 10-year – 2-year spread hits 0.033% low, nearly inverting.

- U.S. 30-year – 5-year spread hits -0.14%. Low on move was April 4th at -0.141%.

- VIX to 33.24, highest since May 12th.

- Crypto bloodbath continues, Bitcoin lowest since December 2020

E-mini S&P (June) / NQ (June)

S&P, yesterday’s close: Settled at 3899.00, down 117.25 on Friday and 208.00 on the week

NQ, yesterday’s close: Settled at 11,840.00, down 435.00 on Friday and 711.00 on the week

- We will begin September contract on Tuesday, as always.

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NQ (June)

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Crude Oil (July)

Yesterday’s close: Settled at 120.67, down 0.84 on Friday and up 1.80 on the week

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Gold (August) / Silver (July)

Gold, yesterday’s close: Settled at 1875.5, up 22.7 on Friday and 25.3 on the week

Silver, yesterday’s close: Settled at 21.931, up 0.114 on Friday and 0.023 on the week

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Silver (July)

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