Dollars and Jens
Wednesday, June 14, 2006
Dean, last week:
Incidentally, there seems to be a developing consensus now around another hike at the end of the month. The one point I want to make is not to bet more money than you'd be willing to lose on it until after the inflation reports next Tuesday and Wednesday. If [the core rate] come[s] in at 0.3%, though, the doves will be facing a real headwind.
On a seasonally adjusted basis, the CPI-U advanced 0.4 percent in
May, following a 0.6 percent rise in April. Energy costs continued their
advance--up 2.4 percent in May. Within energy, the index for petroleum
based energy increased 4.8 percent, while the index for energy services
fell 0.6 percent. The food index increased 0.1 percent in May. The index
for all items less food and energy rose 0.3 percent in May, the same as in
each of the preceding two months; the index for shelter again accounted
for over half of the monthly advance.

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