Morning Minutes

Retail Sales and Producer Prices In Focus Ahead of Wednesday Fed Decision



Overseas markets are trading higher this morning as investors react to the recent G-7 and NATO summits and look ahead to tomorrow’s Fed decision and the Biden-Putin summit meeting. Today’s big political news is that the US and EU have declared a truce in their long running dispute over subsidies to Boeing and Airbus.

In this environment, the Dax and FTSE are both up about 0.6% while the Nikkei is up 0.9%. US index futures are flat this morning as the 10-year treasury note yield continues to sit just below 1.50%. Commodity markets are very mixed today with WTI crude oil rallying 1.4% but copper plunging 3.8%. In currency action, Bitcoin has regained $40,000 while gold is steady just below $1,900.

The last round of significant US economic reports has come in mixed. Headline producer price inflation came in higher than expected for May (6.6% vs street 6.3%) but the core (excluding food and energy) reading of 4.8% was in line with expectations. Meanwhile both US retail sales (-1.3% vs street -0.8%) and the Empire State Manufacturing Survey (17.4 vs street 23.0) were both worse than expected. The market reaction to these reports has been neutral indicating that investors likely don’t think the data was either strong enough or weak enough to put pressure on the Fed to change its current monetary stimulus program.   

SIA Wealth Market Outlook Webinar Today June 15, 2:00 pm EDT

Join SIA Wealth Management for market insights from SIA Wealth Founder and CEO Jeremy Fehr. Webinar audio will be available through computer VoIP or dial in using your phone.

Register at:

Subscribe to the Morning Minutes:

Today's earnings reports and market activity, delivered right to your inbox.

Colin Cieszynski, Chief Market Strategist

Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428

Read More

Legal and Regulatory Disclosures

Terms and Conditions:
This information is for Investment Advisors only. The website is for informational purposes only and is not intended to provide a complete description of SIA Wealth Management’s products or services. Past performance is not indicative of future results. It should not be construed as investment advice or relied upon in making an investment decision. Products and services of SIA Wealth Management are only offered in jurisdictions where they may be lawfully offered for sale. The information contained in this Website does not constitute an offer or solicitation by anyone to buy or sell any investment fund or other product, service or information to anyone in any jurisdiction in which an offer or solicitation is not authorized or cannot be legally made or to any person to whom it is unlawful to make an offer of solicitation. All products and services are subject to the terms of each and every applicable agreement. It is important to note that not all products, services and information are available in all jurisdictions outside Canada.

SIA Wealth Management Inc. (SIAWM) specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investor’s investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, Advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIA Wealth Management Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.