Macro Briefing: 30 May 2024

* US economy continues expanding, Fed’s Beige Book reports
* Extreme heat will slow US growth, San Francisco Fed study predicts
* Lingering inflation pressures are preventing Fed from cutting rates
* German inflation rises more than forecast ahead of ECB rate decision
* US 10yr yield rises above 4.6% for first time in over a month:

Recent US stock market gains are heavily reliant on four big tech stocks, reports The Wall Street Journal: “Four giant technology stocks added more market value than the rest of the S&P 500 put together. A brief burst of outperformance by smaller stocks seems to have petered out again.”