A.M. Update

S&P futures are up 0.15% retracing  earlier losses after CPI came in cooler than expected. May CPI 0.1% vs. 0.2% consensus; prior 0.2%. May Core CPI 0.1% vs. 0.3% consensus; prior 0.2%. On a year-over-year basis, CPI is up 2.4% versus 2.3% in April. Core CPI was up 2.8% yr/yr, unchanged from April. The 2-yr…