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Inflation picture

Today at 8:30 am, US CPI for the month of April will be published. Consensus points towards a 3.4% YoY increase, after a 3.5% in March. PPI yesterday was in line with expectations (2.2%), but confirmed an upward trend, which is worrisome in terms of the overall picture for inflation and the implications for rates. Fed officials, through speeches, are trying to manage expectations about rates, while at the same time accepting the reality that inflation might be picking up slightly. The 10 Year U.S. Treasury has come down to 4.42% and the S&P500 is trying to regain its all time high while potentially forming a double top. The next FOMC meeting will take place on June 12, 4 weeks from today.

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