Equities Are Reacting Positively To The May CPI Report, Which Was Cooler Than Expected

U.S. stock futures are higher. Futures are higher this morning after the S&P 500 closed yesterday at fresh highs. Equities are reacting positively to the May CPI report, which was cooler than expected. Headline CPI came in at 3.3% annualized, beating expectations for a 3.4% figure. Core CPI came in at 3.4% annualized, which was lower than expectations and last month's figures of 3.5% and 3.6%, respectively. Treasury yields are sharply lower in reaction to the CPI report and in anticipation of the Fed decision later this afternoon. Looking at equities abroad, Asian markets finished mostly lower, and European markets are extending gains after the Fed-friendly CPI release. Crude and gold prices are also moving higher at a good clip, while the U.S. Dollar Index is declining in response to the data.

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