This is a funny sentence from the WSJ on inflation: Inflation Is Back on Wall Street Agenda
For years, critics have warned that the Federal Reserve’s easy-money policies would produce massive inflation. So far, they have been wrong.
“So far”? Come on – those predicting “massive inflation” were dead wrong. Period.
Update: And an excellent overview from Tim Duy: Inflation Hysteria
Monday:
• At 8:30 AM ET, the Chicago Fed National Activity Index for May. This is a composite index of other data.
• At 10:00 AM, Existing Home Sales for May from the National Association of Realtors (NAR). The consensus is for sales of 4.75 million on seasonally adjusted annual rate (SAAR) basis. Sales in April were at a 4.65 million SAAR. Economist Tom Lawler estimates the NAR will report sales of 4.81 million SAAR.
Weekend:
• Schedule for Week of June 22nd
From CNBC: Pre-Market Data and Bloomberg futures: the S&P futures are unchanged and DOW futures are up slightly (fair value).
Oil prices were mixed over the last week with WTI futures at $107.13 per barrel and Brent at $115.01 per barrel.
Below is a graph from Gasbuddy.com for nationwide gasoline prices. Nationally prices are around $3.68 per gallon, up about a dime from a year ago. If you click on “show crude oil prices”, the graph displays oil prices for WTI, not Brent; gasoline prices in most of the U.S. are impacted more by Brent prices.
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| Orange County Historical Gas Price Charts Provided by GasBuddy.com |