Headlines discussed at LNWM’s Monday morning briefing:
— US consumer prices jumped 5% in May, fastest pace since August 2008; inflation mostly in sectors disrupted by the pandemic and expected to subside.
— Lumber prices are down 40% since record high of May 10, to roughly $1,059 per 1,000 board feet ($200 to $600 is price range since 1992).
— US consumer sentiment rebounded in early June (to 84 from 82 on a key index); cost of housing, cars and other durable goods a headwind.
— Nearly 4 million quit their jobs in April on optimism they can find better work, as US job openings hit 9 million, a record high.
— El Salvador became first country to adopt Bitcoin as legal tender.
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