Good Wednesday morning. I’m scheduled to be on Fox Business ‘Making Money’ with Charles Payne in the 2pm est hour. Hope you can join us!

Breaking: The May CPI report is out and it’s a win for Trump and the US economy and another loss for “always late” J Powell. Core CPI rose just .01% vs estimates of .03% with Y/Y inflation coming in at 2.4%. The equity and debt markets like the news, with futures flipping to positive while 10 year yields are slumping to 4.43%. The question of the day: What excuse will Powell and his merry band of money printers come up with now for refusing to resume their rate-cutting schedule?

Market Update

In addition to this mornings positive CPI report there is now a trade framework in place with China. Details are scarce but what we know is the risk of going back to 145% tariffs against is no longer in place. Another win for our V-shaped recovery and freight train of a bull market. 

While the focus of the bears has been centered on the high levels of...