May CPI will be lower than April reading -CIO

STORY: All eyes are on Friday's CPI report that is expected to show inflation remained elevated in May, though core consumer prices, which exclude the volatile food and energy sectors, likely ticked down on an annual basis.

"History warns us that because inflation is currently so high, and the five times since WWII that inflation has been this elevated, that we ended up falling into a recession and a bear market every time," said Stovall.

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