MNI: PBOC Net Injects CNY8 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1196 Fri; -1.41% Y/Y

CHINA PBOC CONDUCTS CNY10 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1196 FRI VS 7.1192

MNI China Daily Summary: Thursday, June 20

MNI: PBOC Net Injects CNY18 Bln Via OMO Thu; Rates Unchanged

Japan May Core CPI +2.5% Y/Y; Energy Price Surges

MNI BRIEF: Japan May Core CPI Rises 2.5% Vs. April +2.2%

MNI JAPAN MAY CORE CPI +2.5% Y/Y; APRIL +2.2%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI US Inflation Insight, Jun'24: Supercore Shock As CPI Momentum Starts To Wane

May's inflation report showed an unexpectedly sharp slowdown in "supercore" inflation, helping keep the door open to a September Fed cut.

HomepageInflation InsightMarkets

EXECUTIVE SUMMARY

  • U.S. inflation pulled back considerably in May, judging from both the Consumer Price Index and Producer Price Index reports which by some measures showed the weakest monthly price pressures in years.
  • Sequential “supercore” CPI turned negative for the first time in nearly 3 years. While this was attributed by some observers to one-off factors, there were broad signs of softness across ex-housing services.
  • Looking at the bigger picture, momentum indicators suggest that the resurgence in inflation in Q1 looks to be easing, but 3-month/6-month annualized rates remain well above the Fed’s 2% target.
  • The May print kept the door open to a September Fed cut. Hours after the CPI release, Chair Powell characterized recent inflation data as “a step in the right direction”, though the Fed will have to see more progress before cutting rates.

PLEASE FIND THE FULL REPORT HERE:

USInflationInsightJune2024.pdf



162 words

To read the full story

Close

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.

EXECUTIVE SUMMARY

  • U.S. inflation pulled back considerably in May, judging from both the Consumer Price Index and Producer Price Index reports which by some measures showed the weakest monthly price pressures in years.
  • Sequential “supercore” CPI turned negative for the first time in nearly 3 years. While this was attributed by some observers to one-off factors, there were broad signs of softness across ex-housing services.
  • Looking at the bigger picture, momentum indicators suggest that the resurgence in inflation in Q1 looks to be easing, but 3-month/6-month annualized rates remain well above the Fed’s 2% target.
  • The May print kept the door open to a September Fed cut. Hours after the CPI release, Chair Powell characterized recent inflation data as “a step in the right direction”, though the Fed will have to see more progress before cutting rates.

PLEASE FIND THE FULL REPORT HERE:

USInflationInsightJune2024.pdf