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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessBNP: Inflation Deceleration Will Be Sticky
BNP saw April's CPI report confirming that while peak inflation has passed, the deceleration "is likely to be sticky", with the service-driven upside surprise pointing "towards continued near-term strength and inflation prospects being increasingly susceptible to tight labor conditions.".
- Of the rise in rents, BNP observes: "Ironically, as the Fed raises rates, more potential buyers will likely be diverted into the rental market, thereby exacerbating the shelter inflation trend. In our view, rent pressures may not abate until the unemployment rate starts to rise (presumably around the next recession)."
- That said, they also see the drop in apparel prices as an "early indication" of potential disinflationary impulses due to the recent appreciation of the dollar.
- They continue to see 50bp Fed hikes at the next 3 meetings, with a terminal 3.00-3.25% rate by Feb 2023.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.