After U.S. job growth for May blew out forecasts in the US (+172K vs +88K est), the focus is back on inflation. The May consumer price index due Wednesday is expected to jump by +4.2% from a year ago — the highest rate in more than three years. Core CPI, which excludes energy and food, is seen rising +2.9% YoY and increasing +0.3% MoM in May vs +0.4% MoM in April, potentially providing a welcome signal to Fed policymakers.
Meanwhile, the ECB is expected to RAISE short-term int rates in the euro-zone on Thursday, setting the bank at odds with the Fed which meets 6/16-6/17 and is likely to hold rates steady under the leadership of new Fed Chair Kevin Warsh.
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