Info comes via a reporter for Fox:
- White House Official telling me they expect headline inflation will be elevated because gas prices were 8.5% were greater in April than May. The White House Official says that will seep into CORE inflation through airline tickets because of the price of jet fuel
- A White House Official telling me they believe that inflation will moderate and finish lower at the end of this year than the rate at the end of 2021.
- White House Official tells me the gains in the labor market & demand for goods don’t indicate we are in a recession. They said it is “very unlikely”. Official says the administration is in a “good spot to transition” the economy to stable growth
- White House Official tells me they are tracking a shift is spending habits from buying goods to buying services. They believe that shift will relieve pressure on supply chains as money moves from buying stuff to buying services.
IMO - It won't just be jet fuel that higher energy costs flow through to.
- This snapshot from the ForexLive economic data calendar, access it here.
- The times in the left-most column are GMT.
- The numbers in the right-most column are the 'prior' (previous month) result. The number in the column next to that, where is a number, is the consensus median expected.