1) CPI ( Consumer Inflation ) rose to the fastest pace nearly three years. The Labor Department said Wednesday its Consumer Price Index, excluding food and energy, increased 0.3 percent, the largest gain since July 2008, after rising 0.2 in April.
Overall CPI increased 0.2 percent, slowing from a 0.4 percent advance in April, as gasoline prices fell. That compared to expectations for for a 0.1 percent gain.
But in the 12 months to May, consumer prices rose 3.6 percent, the biggest jump since October 2008, and well above expectations for a 3.4 percent increase.
2) The New York Fed's "Empire State" general business conditions index fell to -7.79 from, contracting for the first since November, from 11.88 in May, surprising economists who had expected a rise to 12.50.
3) Homebuilders sentiment fell to record low. After six months of holding steady the National Association of Home Builder's sentiment survey fell three points in June to 13, as builders face not only competition from distressed properties, but rising costs of materials. Fifty is the line between positive and negative sentiment on the survey.
4) Factory output rose in may after decline in April. The Federal Reserve says factory production increased 0.4 percent last month. The increase follows April's decline of 0.5 percent. A rise in business equipment and construction materials offset the second straight decline in auto production.
Industrial production has risen nearly 11.5 percent since a recession-low in June 2009. Production remains 7 percent below its pre-recession peak in September 2007.
5) Applications for U.S. home mortgages saw their biggest jump in three months last week, fueled by demand for refinancing as interest rates continued to fall, an industry group said on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, surged 13 percent in the week ended June 10, the biggest percent gain since March.
The MBA's seasonally adjusted index of refinancing applications jumped 16.5 percent, while the gauge of loan requests for home purchases climbed 4.5 percent.
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