SVB Ventures

  SVB Ventures | Newsletter No. 21 🔸 Macro News ✔ US May Unadjusted CPI Annual Rate at 2.4%, Expected 2.50% link The U.S. May seasonally adjusted CPI month-on-month rate was 0.1%, compared with the expected 0.2% and the previous value of 0.2%. The U.S. May unadjusted CPI year-on-year rate was 2.4%, compared with the expected 2.5% and the previous value of 2.3%. The U.S. May unadjusted core CPI year-on-year rate was 2.8%, in line with the expected 2.9% and the previous value of 2.8%. The U.S. May seasonally adjusted core CPI month-on-month rate was 0.1%, compared with the expected 0.3% and the previous value of 0.2%. With CPI data comprehensively lower than expected, traders have increased their bets on the Federal Reserve cutting interest rates in September. ✔  The Fed continues to hold interest rates steady, forecasting two rate cuts in 2025. On June 18, 2025, the Federal Reserve held interest rates steady at 4.25%-4.5% for the fourth consecutive time, maintaining a hawkish...