This week, we examine the latest inflation, consumer, and housing data, along with the sharp increase in stock margin borrowing. While both CPI and PPI came in below expectations, much of the decline was concentrated in energy prices. Given the recent rise in oil prices, those subdued inflation readings may prove temporary. Retail sales growth also slowed in the latest month, reflecting lower gasoline prices and broader weakness in energy related spending. Housing data continued to point to a cooling market. Even housing starts, which exceeded expectations at the headline level, revealed underlying softness upon closer examination. Finally, we discuss the historic surge in stock margin borrowing during April and May and consider how the rapid buildup in leverage may be contributing to the recent sell off in semiconductor stocks.

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