US Consumer Price Inflation (CPI) _ 

> Economists surveyed by Dow Jones expect the CPI to be up 8.3% y-o-y in May, the same as April, with prices of energy, food, rent and health-care costs all rising and remaining high. Notably y-o-y inflation reached a high of 8.5% in March.

Some cooling however is expected in core inflation, meaning the measure with energy and food excluded - with core CPI is expected to rise 0.5% or 5.9% y-o-y in May, as compared to 0.6% in April, or 6.2% y-o-y.

The Fed is expected to raise its target funds rate by a half point next week and another half point in July. But after that, the pace is less clear. On Thursday afternoon, the market was pricing in a more than 70% chance of a 50 basis point hike for September. A basis point equals 0.01%.