As we thought, Jun-CPI +9.1% (expected +8.8%). May-CPI +8.6%
Core was +.7% (expected +.5%).
Highest inflation in 41 years (since Reagan end of Carter-Reagan recession) and showing acceleration which will force Fed to more aggressively bring inflation down to 3-5% by raising short rates by 1% next week and again in Aug (no FOMC scheduled; may elect to hold ad hoc meeting between Jul.26 & Sep.20)
May-PPI (Thu) will likely show +11.5%, up from +10.8%.
Yield curve is now inverted by +11bp short-long (not insignificant) indicating recession ahead.
Continue the line upward to the right and near record levels.