kingworldnews.com / June 30, 2017
As we come to the end of what has been a wild week of trading, here is where things stand.
June 30 (King World News) – Here is what Peter Boockvar noted as the world awaits the next round of monetary madness: Succinct Summation of the Week’s Events:
1) For the sake of the long term health of the global economy and a path away from the lunacy that has become modern monetary policy, Mario Draghi, Mark Carney and Stephen Poloz test the market with communication that they might join the Federal Reserve in beginning to remove extreme accommodation.
2) Headline PCE in May fell .1% m/o/m as expected while the y/o/y gain moderated to a rise of 1.4% (slowest since November) from 1.7% in April as the energy influence wanes. Core inflation is moderating as well with a .1% m/o/m rise for a 2nd month. The y/o/y gain of 1.4% was as forecasted vs 1.5% in April and the lowest print since December. There still is the differential between falling goods prices (down .2% led by a 2.5% y/o/y drop in goods) and rising services inflation (up 2.2% y/o/y but seeing a slowing pace of gains).
3) Wholesale inventories in May were up by .3% m/o/m, one tenth more than expected and April was revised up one tenth. Inventories were a major drag on Q1 GDP.
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