Fast Comment US — Core CPI up 0.2 percent in May, exactly as expected

1. Core CPI inflation remained at 1.7 percent in May
2. Headline CPI inflation rose to 1.4 percent, from 1.1 percent in April
3. CPI inflation to slowly bounce back to 2 percent

Fast Comment US — Industrial production at zero percent in May, weaker than expected

1. Capacity utilisation dropped to 77.6 percent from 77.7 percent in April
2. Utilities down 1.8 percent vs. from a decrease of 3.2 percent in April
3. Motor vehicles and parts rose 0.7 percent vs. a decrease of 0.4 last month

Macro Comment US — Asset purchases tapered in June?

We expect the FOMC to taper asset purchases either at the June or September meeting. In our view, the FOMC at its June meeting will either taper asset purchasing or explicitly signal (in its post-meeting statement, for example) that a reduction in the pace of asset purchases is coming soon.

Fast Comment US — Non-farm payrolls in May stronger than expected, but April was revised down

1. Private non-farm payrolls up 178,000 in May, from 157,000 in April
2. Government payrolls down 3,000, from a decline of 8,000 in April
3. Unemployment increased to 7.6 percent, from 7.5 percent in April

Fast Comment US — ISM non-manufacturing at 53.7 in May, marginally stronger than expected

1. New orders strengthened to 56.0 in May from 54.5 in April
2. New export orders dropped to 50.0 from 53.5 in April
3. Employment weakened to 50.1 from 52.0 in April

Monthly Macro Update — The monetary landscape is being reshaped

China: Slowdown continues - and it's for the best
Eurozone: France joins Club Med
US: Fed to taper QE in the next few months
Sweden: Outrunning peers but recovery still at a distance
Bond market: Long bond yields set to rise at a moderate pace