Christopher Garliss

Economic Calendar: (Events highlighted in bold are those I view as the most important.) (All times are ET) Monday: Earnings: PLAY, QMCO ECB's Nagel (Germany) Speaks (3 a.m.) ECB's Lagarde (President) Speaks (3:15 a.m.) Eurozone - Industrial Production for April (5 a.m.) Eurozone - Exports, Imports for April (5 a.m.) U.S. - NY Empire State Manufacturing Index for June (8:30 a.m.) U.S. - Industrial, Manufacturing Production for May (9:15 a.m.) U.S. - NAHB Housing Market Index for June (10...

CPI growth hit 4.2% in May Prices at the gas pump are down 7% in June. The shift means the worst of the inflation scare may be behind us. If you want to know where inflation is heading, start with the gas station marquee… At the start of this week, I laid out my outlook for the pace of headline consumer price index (“CPI”) growth. I argued that when the U.S. Bureau of Labor Statistics (“BLS”) released its May data, the overall number would accelerate. But, the rate of acceleration would cool...

Editor's Note: I will be out of the office today for a client visit so there will not be any commentary on Thursday. There were 1.6 million existing homes for sale in May. The number of days on the market keeps rising. The median year-over-year sales price rose just over 1%. The broader macro picture is messy, but housing data is moving with purpose… The year is off to a bumpy start for anyone looking to buy a home. Oil is climbing, the consumer price index is drifting further from the Fed’s...