Growing US and European markets and falling China amid inflation, company news
• The Fed's revised outlook (smaller rate cuts this year, slightly higher unemployment, higher long-term interest rate) cooled equity, currency and fixed income markets late in the US session on Wednesday. But it was not enough to refute the idea of a US soft landing, and the impact on the market was clear: record highs for the S&P 500, Nasdaq and global stocks, as well as lower US bond yields, the dollar and cross-asset volatility.
- Inflation in the US unexpectedly turned out to be zero in May. +0.1% was expected. This led to a slowdown from 3.4% y/y to 3.3% y/y - the minimum...