US Rates
US CPI : As expected. Shelter and transportation services still strong at +0.4% and +0.9% respectively. Energy component bid from past rises in Oil and Gas (+2.7%), although I am less worried about this given recent drops in Oil and Gas futures. Overall monthly data is averaging +0.3% which annualizes to +3.6% headline inflation. Not a good scenario
Growth/jobs data : Some cause for concern here. The weaker data beginning to add up. Started with Q1 GDP, then April Jobs and today weaker core retail sales and NAHB housing data. Higher rates and weakness in government sector beginning to bite.