@ the White House
In the morning, the President will receive the Presidential Daily Briefing in the Oval Office. This meeting is closed press. In the evening, the President and First Lady will host a picnic for Members of Congress at the White House. The Vice President will also attend.
In the afternoon, the President and Vice President will meet with Secretary Gates. This meeting is closed press.
@Wall Street
One of the most important inflation releases, the CPI (Wednesday, June 15) will show headline inflation decelerating sharply in May because of declining energy prices.
While the core CPI climbs 0.2%, the CPI headline number should be subdued, for many of the same reasons as the PPI.
Prices at the gasoline pump rose about 2.7% in May, but that's much less than the seasonal norm ? so the seasonal adjustment procedure should deliver a 2.8% decline. Food price gains will be slowed for a second successive month by the normalization in fresh vegetable prices after their spike in February.
Also we will learn about Industrial Production auto segment probably stabilized after a big drop in April, but production remains weak because of the earthquake disruptions. The rest of manufacturing is firming, but not very fast.
Total hours worked rose just slightly in May, but allowing for rising productivity that should be enough to raise manufacturing output 0.3%. Although not in retreat, the industrial side of the economy is no longer at cruising speed.