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Economic Commentary

Inflation continues to gather steam

July 18, 2022
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Consumer inflation again surprised to the upside for June, with many analysts raising the odds of a 100 basis point (bps) rate hike at the July FOMC meeting. Retail sales remained solid, however, although they were aided by rising prices, as they are measured in nominal (not inflation adjusted) terms.

What we learned last week: (pg. 1)

  • Consumer inflation accelerated again for June
  • Retail spending continues to grow

What we’re watching this week: (pg. 2)

  • Housing starts expected to rebound as completion surge
  • Existing homes sales hit by higher mortgage rates, higher prices, and lack of supply
  • Equities to drag down leading indicators for June

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