This report provides a daily synthesis of market views, focusing on the ECB's June policy meeting, US CPI data, and updated outlooks for FX, Rates, and Equities. Goldman Sachs remains cautious on Fed rate cuts for 2026 while maintaining a positive earnings-driven outlook for US equities.
Key Takeaways
- 1.The ECB is expected to hike rates by 25bp, maintaining a data-dependent, meeting-by-meeting stance without specific forward guidance.
- 2.US May Core CPI rose 0.21%, prompting GS to maintain a call for no Fed rate cuts for the remainder of 2026.
- 3.S&P 500 earnings growth remains the engine for a bull market, with a year-end target of 8000.
Table of Contents
- June ECB Preview
- US Economics - CPI Recap
- FX Trader Call Takeaways
- Rates Trading - Views From the Treasury Desk
- Equity Strategy - Equities Update: Supply and Demand
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Authors
Adam CrookGabriel Hollis
Securities
S&P 500
Themes
AI-driven earnings growthData-dependent central bank policyGeopolitical risk (Strait of Hormuz)
Regions
EuropeUnited StatesHungary