Daily Rundown

June 11, 2026

Chart of the Day

Number of the Day

0.3 - Percentage increase in owners' equivalent rent in May, a return to trend after an anomalous 0.5 percent print in the prior month

Quote of the Day

"AI infrastructure makes the existing cloud infrastructure market look small. Everything we see shows this market size is trillions of dollars per year." - Oracle CEO Clay Magouyrk

Wednesday's Highlights

The CPI (May) rose by 0.5 percent on the month and 4.2 percent year-over-year.

The core CPI (May) rose by 0.2 percent on the month and 2.9 percent year-over-year.

Mortgage purchase applications (week of 5/30) moved higher by 7.3 percent.

Quick Commentary

The underlying disinflationary trend still looks to be intact, as the core CPI has increased by just 0.2 percent in three out of the last four months even as rising energy prices have pushed the headline index higher. This year is now on track to see the widest gap between the overall and core inflation rates on an annual basis since 1973 (this despite the fact that energy is indirectly lifting some core components, too; airfares, for example, have soared by an annualized 37.7 percent over the last three months). This is far from an all-clear given the ongoing price pressures at the wholesale level and the legitimate supply/demand imbalances associated with the AI boom, but it is enough to suggest that the economy is not broadly overheating and that there is still no urgency for the Federal Reserve to tighten monetary policy anytime soon.

Today's Highlights

Unemployment claims

PPI

Household balance sheet

Lennar earnings

Daily Trivia

What CEO's face was depicted on a soon-to-explode bomb on the cover of Barron's in 1999, with the headline story dismissing him as "just another middleman"?

(Wednesday's Question: What are the only two major professional sports franchises in the U.S. that are publicly traded via an S&P 1500 stock? Answer: New York Knicks and New York Rangers (Madison Square Garden Sports (MSGS))