US CPI rose +4.2% year-over-year in May, the hottest reading since April 2023, with gasoline up 40.5%. Small business price-raising plans hit a post-2023 high while capital expenditure intentions fell to a 2009 low, the micro-level stagflation fingerprint heading into next week's Fed meeting.
The Misery Index hit a cycle high of 8.5% in May as the CPI y/y print rose, complicating the inflation outlook ahead of next week's FOMC meeting. Source
