#macro

U.S. producer prices rose 1.1% in May, above the 0.7% Dow Jones consensus cited by CNBC. The surprise puts energy-sensitive inflation back in focus for Fed pricing and Treasury-market positioning.

Bank Indonesia raised the BI-Rate by 25 bps to 5.50%, with the Deposit Facility at 4.50% and Lending Facility at 6.25%. The off-cycle move followed rupiah weakness and foreign portfolio outflows.

KOSPI ended June 5 down 5.54% at 8,160.59, while Samsung Electronics (005930.KS) fell 6.40% and SK Hynix (000660.KS) dropped 9.92%, according to CNBC market data. The move followed a Wall Street rotation out of AI-linked semiconductor shares.

May nonfarm payrolls rose 172,000, more than double the 80,000 Dow Jones consensus, while unemployment held at 4.3%. CNBC, citing the Bureau of Labor Statistics report, said Treasury yields moved sharply higher as the labor surprise reduced near-term Fed-cut odds.

Bitcoin fell to $61,300 over June 3-4, triggering ~$3 billion in crypto derivatives liquidations across two sessions, with 266,158 traders forcibly liquidated in the worst 24 hours. Catalysts: spot ETF net outflows exceeding $2B over two weeks, Strategy's first BTC sale in nearly four years, and Middle East tensions. Total crypto market cap shed $190B in June.

Foreign investors sold a net KRW 6.95 trillion ($4.5B) on KOSPI June 4 — the second-largest daily foreign net sell on record — as KRW/USD breached 1,530 won for the first time since the global financial crisis. KOSPI fell 1.84% to 8,639.41; KOSDAQ rose 2.31%. Foreigners have net-sold for 19 consecutive sessions (~KRW 66T total).

SpaceX launched its roadshow June 4 for a record $75 billion IPO — the largest in history, ~2.5x Saudi Aramco's 2019 record — pricing at $135/share (ticker: SPCX, Nasdaq) for a ~$1.77T market cap. The public float is just 4.2%, insiders retain 95.8%. Trading begins June 12.

WTI rose $2.93 to $90.29 and Brent added $2.52 to $93.64 after a fresh U.S.-Iran exchange of strikes. The move keeps the Strait of Hormuz risk premium inside inflation, rates, and energy-equity pricing.

Brent crude fell $4.86 to $98.68 and U.S. crude dropped more than 4% to $91.83 after reports of progress toward a U.S.-Iran deal. Japan’s Nikkei 225 rose 2.9% to 65,158.19, its first close above 65,000.

The University of Michigan final May sentiment index fell to 44.8, below April’s 49.8 and the 48.2 preliminary reading. One-year inflation expectations rose to 4.8% and long-run expectations climbed to 3.9%, keeping the release in the Fed-relevant macro category.

Kevin Warsh was sworn in as Federal Reserve chair on May 22, 2026, in a White House ceremony hosted by President Trump — the first time a Fed chair has taken the oath at the White House in approximately 40 years. Warsh, who served as a Fed governor from 2006 to 2011 and dissented against QE programs, is regarded as a hawkish voice; markets are watching for signals of a shift in the Fed independence framework and rate trajectory.

The 30-year US Treasury yield surged to 5.17%—briefly touching 5.20%—its highest level since 2007, as Iran-driven energy inflation fears pushed traders to price in a greater-than-50% chance of a Federal Reserve rate hike by December 2026. WTI crude fell ~2% to $102 on Trump's Iran peace pledge, but bond market stress persists as the 10-year yield also hit a 16-month high of 4.687%.