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On Wednesday, the Federal Open Market Committee (FOMC) warned markets to expect no more than one interest rate cut over the rest of this year. But the bulls are charging ahead anyway on May's lower-than-expected CPI and PPI inflation data yesterday and today. The 10-year US Treasury bond yield is down nearly 25bps since Monday's high to 4.24% (chart).
The Nasdaq hit another record high today (chart). Leading the way to new highs is Apple. The company introduced Apple Intelligence at its Worldwide Developers Conference this week. Siri has been supercharged with ChatGPT.
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