Breakfast Briefing | 9 June 2026 | US Inflation Expectations Ease

American one-year inflation expectations eased to 3.2% in May, retreating from April's two and a half year high of 3.5%, and sitting comfortably below the 3.8% actual inflation print. Encouraging on the surface, though the same New York Fed survey shows households expect their finances to deteriorate, and regional small businesses remain deeply pessimistic about 2026.The international picture is mixed. Japan's March quarter GDP grew 1.8%, ahead of the 1.3% forecast, with bank lending up 5.7% in May. China told a story of two halves: excavator sales jumped 36% on infrastructure momentum, while car sales fell 22% for an eighth consecutive monthly decline.In the Persian Gulf, 100 days into the Strait of Hormuz crisis, Iran appears to be successfully tolling transits, with just ten ships crossing in 24 hours.Closer to home, the ASX was closed for the public holiday, but the Australian 10-year bond yield rose 5 basis points to 4.96%, keeping pressure on fixed borrowing costs.Markets: AUD/USD 70.5 USc | US 10yr Treasury 4.55% | Gold 4,333 US Dollars/oz | US crude 91 USD/bbl | Bitcoin 63,416 US Dollars | S&P 500 +0.4% | Nasdaq +0.9%Read the full Briefing, with all source links, at interest.com.au:https://www.interest.com.au/economy/704/us-inflation-expectations-ease-smes-turn-glum-japan-improves-china-excavator-sales-roar#BreakfastBriefing #USInflation #InterestRates #AustralianEconomy #RBA #GlobalEconomy #ChinaEconomy #JapanEconomy #BondMarkets #interestcomau