Stock Market News: Markets Mixed, U.S. Dollar Rises, And All Eyes On The Fed

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The core personal consumption expenditures price index increased 3.1% in April from a year earlier. Federal Reserve officials consider the core PCE to be the best gauge of inflation. Personal income dropped sharply as the effects faded from March’s government stimulus checks.

The index captures price movements across a variety of goods and services and is generally considered a wider-ranging measure for inflation as it captures changes in consumer behavior and has a broader scope than the Labor Department’s consumer price index. The CPI accelerated 4.2% in April.

In other economic news, "the Chicago manufacturing reading came in at a higher than expected 75.2, its highest level since November 1973.” (CNBC)

“U.S. consumer sentiment rebounded in early June as inflation fears subsided and households grew more optimistic about future economic growth and employment, a survey showed on Friday.

"The University of Michigan said its preliminary consumer sentiment index increased to 86.4 in the first half of this month from a final reading of 82.9 in May. Economists polled by Reuters had forecast the index rising to 84.” (Reuters)

Also from Reuters:

“U.S. Internal Revenue Service Commissioner Charles Rettig said on Tuesday that Congress needs to provide clear statutory authority for the tax agency to collect information on cryptocurrency transfers valued at over $10,000 that largely go unreported."

"He said cryptocurrency market capitalization is over $2 trillion, with more than 8,600 exchanges worldwide, 'and by design, most crypto virtual currencies are designed to stay off the radar screen. Rettig has said that massive profits from the run-up in crypto asset valuations are escaping the IRS, contributing to a “tax gap” that he estimates at some $1 trillion a year—the difference between taxes legally owed and those collected.

"The administration’s fiscal 2022 revenue proposals here include a new requirement that cryptocurrency transfers of $10,000 or more be reported to the IRS in much the same way that banks report cash transfers of that amount and brokers report securities transactions to the IRS. The proposed change would start in 2023.”