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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.
EXECUTIVE SUMMARY
- CPI inflation was significantly weaker than expected in October as core slowed from 0.58% to 0.27% M/M with contributions from goods and services alike, the latter importantly from slightly larger than expected cooling in rents but also an idiosyncratic factor in health insurance.
- It is however just a single print, carrying a risk of a reversal as was the case most recently in July.
- Markets see a 50bp hike at the Dec FOMC as locked in (57bp prior) - as do analysts included in the report - building on guidance from Powell and reinforced by subsequent FOMC comments, whilst the terminal closed some 15bps lower at circa 4.9%.
- We wouldn’t be surprised to see more hawkish FOMC commentary to limit the easing in financial conditions after equities also surged and the US dollar had its worst day since 2015.
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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.
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