This report previews June CPI expectations, highlights Fed Governor Waller's hawkish stance on inflation, and notes natural gas's outperformance relative to oil.
Key Takeaways
- 1.Goldman Sachs forecasts core CPI at +0.17% for June, below the consensus of +0.3%.
- 2.Fed Governor Waller signals that a hot inflation reading could necessitate near-term monetary policy tightening.
- 3.Natural gas (TTF) is significantly outperforming Brent crude, driven by tightening European gas and global LNG markets.
Table of Contents
- 1) US ECON (MERICLE) – June CPI Preview & Waller Commentary Overnight
- 2) GS FX MARKETSTRATS (SCHMITTEN) - FX Gamma Low over CPI
- 3) COMMODITIES RESEARCH (DART) - Natural Gas Tighter than Crude Oil
- 4) EQUITIES DELTA ONE TRADING (PRIVOROTKSY) – Risk View
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Authors
MericleSchmittenSamantha DartPrivorotsky
Securities
USDJPYBrent CrudeUS 10yr TreasuryEURUSD
Themes
Energy market tighteningGeopolitical risk in Middle EastInflationary data dependency
Regions
EuropeMiddle EastUnited StatesChinaIran
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