S&P 500 Micro Jun '22 (ETM22)
S&P 500 Micro Futures Market News and Commentary
September S&P 500 futures (ESU22) this morning are up sharply by more than +1%. Today’s CPI report was weaker than expected and fostered hopes that inflation may be peaking and that the Fed may be able to ease up on its rate-hike regime before long. The 10-year T-note yield dropped -8 bp this morning to 2.695% after the CPI news.
The July CPI report of unchanged m/m and +8.5% y/y was weaker than expectations of +0.2% m/m and +8.7% y/y, and eased from June’s report of +1.3% m/m and +9.1% y/y. Meanwhile, the July core CPI report of +0.3% m/m and +5.9% y/y was weaker than expectations of +0.5% m/m and +6.1% and compared favorably with June’s report of +0.7% m/m and +5.9% y/y.
On a year-on-year basis, today’s July CPI report of +8.7% y/y was down by 0.4 points from June’s 40-year peak of +9.1%. The July core CPI of +5.9% y/y was unchanged from June and was 0.6 points below the 40-year peak of +6.5% y/y posted earlier this year in March.
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