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Market Brief – Thursday 6/30/22

Stocks fell sharply in overnight trading and Treasury yields also declined.

Initial claims fell -2k last week to +231k. Total claims rose +17.678 to 1.314 million as unemployed workers are struggling to find employment.

The Personal Consumption Expenditures price index rose +0.6% in May and +6.3% from this time last year. Excluding food and energy, Core PCE rose +0.3% in May and +4.7% from this time last year. Real, or inflation-adjusted personal consumption, fell -0.4% in May.

Stocks and Treasury yields held their overnight declines to close lower on the day.