May CPI inflation is forecast to top 4% but core inflation is expected to rise only slightly. S&P 500 futures fell.

The main economic event of the week, namely Wednesday’s May US CPI report: in the past 100 years, once CPI crosses 4% on average SPX -4% next 3 months, -7% next 6 months.

"in the past 100 years once CPI crosses 4% on average, the S&P is down 4% in the next 3 months, and down 7% next 6 months."