Interest rate concerns and a potential Ukraine deal offset weather concerns. July 13, 2022
This morning's release of June inflation data raised a few eyebrows. The Department of Labor indicated retail level prices, as measured by the Consumer Price Index, rose from May's +8.6% year over year gain to now +9.1%. The trade expected +8.8%. This remains the highest annual inflation increase since November 1981. Though this news would normally be supportive for the commodity side the trade is now more focused on the Fed's next interest rate increase.
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