June 30, 2017
Consumer spending proved soft in May as did core inflation, both up 0.1 percent as expected and both consistent with slowing not accelerating economic conditions. The day's news extends what has been a 2-month run of disappointing economic news.
The Dow, at 21,349, ended little changed on the day and fractionally lower on the week. The 10-year Treasury yield ended the week sharply higher, up 17 basis points to 2.31 percent in a spike that reverses prior declines and may be inflated by quarter-end positioning. Oil rebounded 7 percent in the week and is back over $46. And the dollar index was also a big mover, ending the week down 1.6 percent to 95.68.