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Recent inflation data shows hope.
- Recent inflation numbers from the Bureau of Labor Statistics showed the slowest increase in over two years. The 4% year on year increase gives credence to the idea that we may possibly have seen the end of rate hikes.
- Energy was a big mover, falling 3.6% from the previous month, with gasoline and fuel oil dropping by 5.6% and 7.7%, respectively. On the gains side, the price of used trucks rose 4.4%.
- On another note, there have been inquiries on the increased role that Artificial Intelligence, or AI, is playing in the economy and stock market. As many of the largest companies in the S&P are heavily in AI, by owning shares of these companies you are indirectly participating in this trend, according to a recent New York Times article.
As always, please reach out with any questions.
Sources
Bureau of Labor Statistics. (13 June, 2023). Consumer Price Index Summary. https://www.bls.gov/news.release/cpi.nr0.htm
Cox, Jeff. (13 June, 2023). CNBC. Inflation rose at a 4% annual rate in May, the lowest in 2 years. https://www.cnbc.com/2023/06/12/stock-market-today-live-updates.html
Sorkin, Ross et al. (23 May, 2023). New York Times. https://www.nytimes.com/2023/05/23/business/ai-picture-stock-market.html