CNBC Daily Open: There's progress on trade and U.S. inflation — but it's harder to rely on such news

Consumer prices successful the U.S. person been benign since February, and the May speechmaking continues that trend, according to the Bureau of Labor Statistics' user terms scale study released Wednesday. Meanwhile, the May jobs report, portion amended than expected, revised downward the figures for March and April, exposing immoderate weaknesses successful the labour market.

 In mean times, the script of muted ostentation and a occupation marketplace that's starting to wobble would marque cutting involvement rates — a determination that tends to boost the economy, sending prices and occupation openings higher — an casual determination for immoderate cardinal bank.

But we aren't surviving successful mean times, arsenic CNBC's Jeff Cox pointed out.

Global commercialized is inactive snarled by U.S. President Donald Trump's tariffs. Even though the United States and China look to person reached an agreement connected upholding their earlier commercialized pact successful Geneva, there's nary telling if tariff numbers volition change, contempt reassurances from the White House that they wouldn't. The information that the S&P 500 fell contempt the reaffirmed model betwixt U.S. and China is different motion investors are increasing wary of taking commercialized pronouncements astatine look value.

The volatile tariff concern besides means that information since April, and for the foreseeable future, could beryllium fuzzy. "Today's beneath forecast ostentation people is reassuring – but lone to an extent," said Seema Shah, main planetary strategist astatine Principal Asset Management. "Tariff-driven terms increases whitethorn not provender done to the CPI information for a fewer much months yet, truthful it is acold excessively premature to presume that the terms daze volition not materialize."

When it's hard to trust connected authoritative connection and hard numbers, we mightiness conscionable person to navigate the way up a small blinder than usual.

S&P breaks streak and FTSE 100 hits record
U.S. stocks fell Wednesday contempt affirmative quality connected commercialized and inflation. The S&P 500 mislaid 0.27% and the Nasdaq Composite retreated 0.5%, with some snapping a three-day triumph streak. The Dow Jones Industrial Average was flat. The pan-European Stoxx 600 shed 0.27%, but the U.K.'s FTSE 100 climbed 0.13% to close astatine a grounds level.

U.S. tariffs connected China won't alteration again: Lutnick
Trump said successful a Truth Social post Wednesday that U.S. duties connected China volition full 55% — but a White House authoritative clarified with CNBC that the fig comprises the existing 30% broad tariffs and an further 25% connected circumstantial products. Asked connected CNBC's "Money Movers" if the existent U.S. tariffs connected China are not going to displacement again, Commerce Secretary Howard Lutnick replied, "You tin decidedly accidental that."

Consumer prices successful U.S. muted successful May
The U.S. user terms scale for May came successful astatine 0.1% for the month, putting the annual ostentation complaint astatine 2.4%. Economists surveyed by Dow Jones had been looking for respective readings of 0.2% and 2.4%. Excluding nutrient and energy, the halfway CPI came successful respectively astatine 0.1% and 2.8%, compared with forecasts for 0.3% and 2.9%. Following the release, U.S. Vice President JD Vance wrote connected X that "the refusal by the Fed to chopped rates is monetary malpractice."

Jamie Dimon sees U.S. system declining
The impacts of the pandemic-era authorities spending and monetary argumentation that helped enactment the U.S. system person faded, and that makes the state susceptible to a downturn successful the coming months, according to JPMorgan Chase CEO Jamie Dimon. "I deliberation there's a accidental real numbers volition deteriorate soon," Dimon said astatine a Morgan Stanley league Tuesday, according to a transcript from FactSet.

Musk makes a U-turn
"I regret immoderate of my posts astir President @realDonaldTrump last week. They went excessively far," Elon Musk connected Wednesday wrote connected X. Both men's nationalist feud was sparked by Musk's opposition to Trump's "One Big Beautiful Bill Act." But tensions look to person cooled. Musk appears to person deleted immoderate of his societal media posts, portion Trump said Monday helium was readying to clasp Musk's Starlink exertion astatine the White House.

[PRO] Who could a 'shadow' Fed seat be?
Trump mightiness already beryllium eyeing a replacement for the seat of the Federal Reserve. That said, Jerome Powell's word doesn't extremity until May 2026, truthful immoderate prime would service arsenic a "shadow" seat who watches implicit the cardinal slope and telegraphs the moves that the White House wants regarding monetary policy. CNBC's Jeff Cox breaks down the possible candidates and however they mightiness power markets.

Dollar divorce? Asia's displacement distant from the U.S. dollar is picking up pace

Asia is progressively moving distant from the U.S. dollar, arsenic a premix of geopolitical uncertainties, monetary shifts and currency hedging punctual de-dollarization crossed the region.

Recently, the Association of Southeast Asian Nations, oregon ASEAN, committed to boosting the usage of section currencies in commercialized and concern arsenic portion of its recently released Economic Community Strategic Plan for 2026 to 2030. The program outlined efforts to trim shocks associated with speech complaint fluctuations by promoting section currency settlements and strengthening determination outgo connectivity.

Although the displacement is much pronounced successful Asia, the satellite has besides been cutting its reliance connected the greenback, with the stock of the dollar successful planetary overseas speech reserves declining from implicit 70% successful 2000 to 57.8% successful 2024.