The Dow is going to tank today.
Consumer prices shot up at the fastest pace in 20 months in May, fueled by a surge in gas prices, although inflation pressures were moderate in most other areas.
The Labor Department reported that its closely watched Consumer Price Index registered a 0.7 percent increase last month, the biggest advance since Hurricane Katrina shut down Gulf Coast oil production in the fall of 2005.
In other economic news, the Commerce Department reported that the deficit in the current account, the broadest measure of foreign trade, increased to $192.6 billion in the January-to-March period, compared to $187.9 billion in the fourth quarter. The increase reflected a higher foreign oil bill.