Wall Street closed higher in trading (10/06); although the inflation rate in May was reported at 5% yoy or the highest level since 2008. Meanwhile, the 10-year Treasury yield fell to 1.45%. This indicates that the market is starting to agree with the Fed’s view that the increase in inflation is temporary.
Domestically, JCI was still able to continue rally by closing above 6,100. Retail sales figures for April are reported to be up 17.3% m/m and 15.6% yoy; having previously contracted for the last 16 months. Towards the end of the week, JCI has the potential to be slightly restrained with a projected range of movement at 6,060-6,133.
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