Market Outlook

Making sense of the markets

Brent Ciliano, First Citizens Chief Investment Officer, and Phillip Neuhart, First Citizens Director of Market and Economic Research, provide timely insights and in-depth commentaries on the issues impacting the economy and the markets.

Making Sense: In Brief video

Making Sense: In Brief

The week ahead for markets and the economy

Monday, June 9, 2025

Phil: Last week, markets digested both fresh employment data and more headlines out of Washington.

Turning to the week ahead, the most important economic release will likely be Wednesday's May Consumer Price Index release. Inflation remains above the Fed's 2% target, and investors will be watching this report closely for any early tariff-related impact. Remember, the next Federal Reserve interest rate decision comes next week on the 18th.

Markets are pricing an extremely low chance of any change to the federal funds rate, but does this CPI data make the Fed's job any more difficult? Economists expect the annual pace of core inflation, which excludes the impact of food and energy, to increase slightly to 2.9%.

Also on the inflation front, May producer price index data comes out on Thursday. Producer prices can sometimes give an indication of underlying inflation that might impact future consumer prices and company margins. As with CPI, market participants will watch this data for any signs of tariff-related impact.

Finally, on Friday, June's University of Michigan consumer sentiment report is released. Consumer sentiment has deteriorated this year while consumer inflation expectations have risen. Do we see any improvement in this week's data?

So, items to watch this week: One, CPI. Two, PPI. Three, consumer sentiment.

Authors

Brent Ciliano CFA | SVP, Chief Investment Officer

Capital Management Group | First Citizens Bank

8510 Colonnade Center Drive | Raleigh, NC 27615

Brent.Ciliano@FirstCitizens.com | 919-716-2650

Phillip Neuhart | SVP, Director of Market & Economic Research

Capital Management Group | First Citizens Bank

8510 Colonnade Center Drive | Raleigh, NC 27615

Phillip.Neuhart@FirstCitizens.com | 919-716-2403

Blake Taylor | VP, Market & Economic Research Analyst

Capital Management Group | First Citizens Bank

8510 Colonnade Center Drive | Raleigh, NC 27615

Blake.Taylor@FirstCitizens.com | 919-716-7964

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This material is for informational purposes only and is not intended to be an offer, specific investment strategy, recommendation or solicitation to purchase or sell any security or insurance product, and should not be construed as legal, tax or accounting advice. Please consult with your legal or tax advisor regarding the particular facts and circumstances of your situation prior to making any financial decision. While we believe that the information presented is from reliable sources, we do not represent, warrant or guarantee that it is accurate or complete.

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About the Entities, Brands and Services Offered: First Citizens Wealth™ (FCW) is a marketing brand of First Citizens BancShares, Inc., a bank holding company. The following affiliates of First Citizens BancShares are the entities through which FCW products are offered. Brokerage products and services are offered through First Citizens Investor Services, Inc. ("FCIS"), a registered broker-dealer, Member FINRA and SIPC. Advisory services are offered through FCIS, First Citizens Asset Management, Inc. and SVB Wealth LLC, all SEC registered investment advisors. Certain brokerage and advisory products and services may not be available from all investment professionals, in all jurisdictions or to all investors. Insurance products and services are offered through FCIS, a licensed insurance agency. Banking, lending, trust products and services, and certain insurance products and services are offered by First-Citizens Bank & Trust Company, Member FDIC, and an Equal Housing Lender, and SVB, a division of First-Citizens Bank & Trust Company. icon: sys-ehl

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