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NY Fed Forecasts Higher Inflation & WTI Hits $71.08

Yesterday, amid rumors of creeping inflation, the S&P 500 and Nasdaq 100 touched record highs increasing by 0.2% and 0.9% respectively. Crude oil continues to hover around $70 a barrel, with West Texas Intermediate (WTI) at $71.08 a barrel, at the time of writing. Gold fell 0.1% and Treasury yields fell to 1.48%. Bitcoin rose back above $40,000.

A two-day Federal Reserve (Fed) meeting begins today, culminating in a press conference by Chairman Jerome Powell tomorrow. The meeting takes place amid elevated inflation figures and in the wake of the New York Fed’s survey reporting a wave of inflation through the end of the year.

Yesterday, the May New York Fed Survey of Consumer Expectations highlighted an increase in house prices by 6.2 percent while food rose by 8 percent. The report also noted a rise in gasoline prices and medical expenses.

Yesterday, bitcoin reached $41,000 and then retreated slightly. According to Bloomberg, the rise is due to the support the digital asset received from fund manager Paul Tudor Jones in an interview.

Investors are likely to be watching the USD and GBP, due to new US data releases scheduled for today which include Retail Sales, Retail Control, and the Producer Price Index. In the UK, the Claimant Count Change and the Employment Change 3-months are slated to be released today as well.

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