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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
- However, if core CPI offered the notion of some softer underlying pockets of inflation, then core PCE dispelled that two weeks later.
- Core PCE inflation was stronger than expected in April at 0.380% M/M (cons 0.3) after a stronger skew to Q1 revisions meant higher figures in February and March with the partial offset lower back in in January.
- Of note, it was led by core non-housing services. Bloomberg’s calculation accelerated to 0.42% M/M from an upward revised 0.29% in Mar (initial 0.24%) and 0.37% in Feb (initial 0.35%). It’s the fastest pace since January’s 0.53% M/M and follows the Q1 average of 0.40% M/M, for zero sign of moderation.
- The core PCE print was followed by U.Mich consumer long-term inflation expectations pushing to highs since 2011 even that was subsequently revised down to 3.1% for the top of its recent range.
- However, nuance continues here as the New York Fed’s Multivariate Core Trend, released later using the same April PCE data, saw a further moderation to 3.4% after a sharp revision lower in March growth rates to 3.6% (initially 4.5%).
- Further, there could be some renewed goods disinflation on the cards with the NY Fed’s Global Supply Chain Pressure Index slumping to its lowest on record for a series starting in 1997, along with sharp falls in prices paid components of latest ISM surveys.
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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