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JPM: Little Sign Of Broadening Inflation

US OUTLOOK/OPINION

The July CPI print came in softer than JPMorgan expected, and one of their key takeaways was that "there was little sign of recent price increases broadening out into a wider range of categories."

  • In particular they note that rent measures were "relatively muted", with rent of primary residences up the least since March, and OER decelerating.
  • On the Fed's preferred PCE metric: JPM expects "firm readings in categories like lodging and new vehicles should also be apparent" in July's report which is released later this month. Pending Thursday's PPI report, they see core PCE coming in around 0.3% M/M.
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