Economic data is flooding the markets on Wednesday morning, presenting a mixed picture for investors. The highly anticipated Consumer Price Index (CPI) data arrived in line with expectations, while the April retail sales report remained flat, hinting at potential headwinds for consumer spending.

Bank of America Securities US Economist Stephen Juneau joins the Morning Brief to provide insights into the implications of this economic data.

Juneau views the inflation data as "a step in the right direction" for the economy, but he questions whether it is "really enough for the Fed to get really excited about." However, he notes that the flat retail sales report could suggest that the Federal Reserve's monetary policy has entered "restrictive territory," although he acknowledges that "on average, the consumer is still in good shape."

"We do think we're in this year where the last mile is just that much harder than what we saw last year," Juneau tells Yahoo Finance, adding, "It's more and more about services inflation, and that's going to take some time to bring down."

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This post was written by Angel Smith