Author Archives: Danielle Park

Shelter costs account for a whopping one-third of the US consumer price index (CPI). Ex-shelter, the other two-thirds of CPI components deflated 0.1% month over month in May and were a tame +2.1% year-over-year (close to the official 2% CPI … Continue reading →

May’s US CPI at 4%–the lowest since March 2021–has increased the prospects of a Fed pause tomorrow; a July hike remains possible. But as I’ve pointed out for months, pauses are not bullish; historically, they’ve preceded the steepest part of … Continue reading →

The S&P 500 is up 11% YTD (below in brown); the Nasdaq nearly 33%; and the TSX is +2.5%. Under the hood, a 53% year-to-date average gain for the seven most expensive US tech companies has done the lifting (in … Continue reading →