From the Desk - Economic Commentary
Brandon Casey, Member Strategies - 6/10/2026
U.S. equity markets are trading lower this morning as investors digest the lates inflation reading and monitor developments in the Middle East. The U.S. launched strikes against Iran Tuesday night after the U.S. accused Iran of taking down a helicopter on Monday. President Trump said negotiations with the country were taking too long and Iran will “pay the price”.
Inflation accelerated in May, with the Consumer Price Index (CPI) rising 0.5% month over month and 4.2% over the past year, marking the fastest annual pace since April 2023 and coming in in line with expectations. The increase was driven largely by higher energy prices, which rose 3.9% in May, with gasoline prices up sharply. Core CPI, which excludes food and energy, rose a more moderate 0.2% for the month and 2.9% year over year, slightly below monthly expectations but in line on an annual basis.
Mortgage application activity rebounded in the latest MBA weekly survey, with total applications increasing 10.8% week over week for the period ending June 5, reversing a 2.5% decline in the prior week. The gain marked the strongest increase since late February. Refinance applications led the increase, rising 15.3%, while purchase applications rose 7.3%. Mortgage rates remained elevated, with the average 30-year fixed rate rising to 6.60%, up from 6.57% last week.
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