CIBC discusses the reaction to today's US CPI print for the month of May.
"US inflation accelerated to its fastest annual pace since the start of 2012, although the 0.2% increase on the month and 2.8% y/y pace were both bang in line with consensus expectations. Higher energy prices lifted the headline figure, however food prices were in contrast only flat on the month. Excluding food and energy, the 0.2% gain on the month and 2.2% annual rate also matched the street's forecast," CIBC notes.
"Overall these figures are in line with expectations and as such shouldn't move markets much today or change the debate for policymakers ahead of the FOMC meeting tomorrow," CIBC adds.