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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.
US DATA
The table in the image below shows how the contributions to October's 0.23% M/M core CPI reading break down by major category: note the outsized contribution by car insurance (+0.07pp), and drag from lodging away from home (-0.04pp).
- Part of the story of October's miss is that those two offset each other, and various other volatile categories were fairly tame including airfares and apparel. Housing ex-lodging pulled back to contribute 0.18pp, vs 0.23pp prior.
- As noted, used cars pulling down core by -0.03pp -less than the -0.09pp in Sept - was if anything marginally more of a downside drag than expected but in the middle of a broad range of analyst expectations. New vehicles brought a slight downside surprise but made no net contribution (vs +0.02pp prior).
- The health insurance gains - one of the biggest wild cards in this data release - were basically in line, so no surprises there.
- In other words, fewer "nasty" surprises from outlying categories, with most of the major core services categories pulling back from September.
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.
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