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Ross Gerber, President and CEO of Gerber Kawasaki Inc., believes that with inflation cooling down, the Federal Reserve's rate hiking cycle is likely to come to an end.
"INFLATION IS DEAD. With the broken shelter number being the largest contributor to inflation, this number is actually negative IRL. Fed is done, bye bye and go away!" Gerber tweeted.
May Consumer Price Index (CPI) rose 4% on an annual basis, the lowest in two years. Core CPI, which strips out energy and food, rose 0.4% in May.
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Price Action: Wall Street cheered the numbers as expectations of the Fed pausing its rate hiking cycle in its June policy gained momentum. The Nasdaq Composite closed 0.83% higher while the S&P 500 gained 0.69%. The SPDR S&P 500 ETF Trust (NYSE:SPY) closed 0.66% higher on Tuesday while the Invesco QQQ Trust Series 1 (NASDAQ:QQQ) rose 0.77%.
"Bull market in full roaring mode today and with so many short or on the sideline, the next year looks nice, until the election gets close…," Gerber said in his tweet.
However, the bond market appears to be maintaining caution ahead of the central bank's policy outcome. The two-year treasury yield was trading close to 4.66% on Tuesday compared to the lows of 4.33% seen in early June. The iShares 1-3 Year Treasury Bond ETF (NASDAQ:SHY) shed 0.18% on Tuesday while the Vanguard Short-Term Treasury Index Fund ETF (NASDAQ:VGSH) lost 0.17%, according to Benzinga Pro.
Gerber also indicated price rises will cool down going further. "Next month inflation will be at 3%. And when the correct shelter number is appropriately applied…," he tweeted.
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