US CPI for May 2019:

CPI y-y
  • Prior was +2.0% y/y
  • Ex food and energy +2.0% vs +2.1% expected
  • Prior ex food and energy +2.1%

M/M readings:

  • CPI +0.1% vs +0.1% expected
  • Prior CPI +0.3%
  • Ex food and energy +0.1% vs +0.2% expected
  • Prior ex food and energy +0.1%

Earnings:

  • Avg hourly earnings +1.3% vs +1.2% prior
  • Avg weekly earnings +1.0% vs +0.9%

This is another miss on US inflation and raises more questions about cutting rates. US 2-year yields dipped to 1.88% from 1.90% on the report and USD/JPY ticked lower.