US CPI inflation came in lower than expected for May, slowing to 3.3%, the lowest in three months. While this rise was lower than the past three months it is a higher rate than the October to February period. But food price inflation hardly changed at 8.7%, a worrying sign for them. Meanwhile, Japanese producer price inflation is rising, up +2.4% in May from a year ago, a nine month high. That all means our TWI-5 starts today at 71.2, and up another net +20 bps from yesterday.
