Good morning and a very happy first day of winter to you — it's Thursday, June 1 and you're reading the ABC's markets and business blog.

Let's start overseas, where all eyes are on the US House of Representatives. They're sitting to decide the fate of the US debt ceiling bill that has been the subject of long, drawn out negotiations between US President Joe Biden and Republican House Speaker Kevin McCarthy as X-date edges closer.

It's going to be a tight vote — and we can expect an outcome mid-morning here in Australia.

In anticipation, Wall Street finished slightly lower, with labour data also weighing the possibility of a further US rate hike.

Back home and the local share market is set to open lower as investors consider the possibility of higher interest rates, after monthly inflation jumped up more than economists were expecting to 6.8%.

We saw the ASX fall yesterday in response to the data, but with the RBA's interest rate decision looming next Tuesday (it always comes around so quickly) they're now looking ahead to whether the central bank will pause, or potentially raise rates again.

One thing that will be feeding into the RBA's decision making process next week is house prices, which have continued to strongly rebound.

Let's get into it, shall we?