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.
U.S. core CPI inflation added 0.5% in February, a tenth higher than markets expected, as shelter reaccelerated to a stronger-than-forecast 0.8% increase. Headline CPI met expectations, rising 0.4% over the month and 6.0% over the year, the smallest increase since September 2021. Core CPI is up 5.5% from a year ago, the lowest since December 2021.
Shelter contributed to over 70% of the rise in headline CPI, the Bureau of Labor Statistics said Tuesday. Recreation, household furnishings and operations and air fares also increased, while used cars and trucks and medical care both fell over the month. (See: MNI INTERVIEW: Inflation Proves More Persistent - Fed's Garriga)
Core services excluding housing ramped up to 0.50% from 0.36%, the highest since September, according to an MNI calculation. A stronger than expected inflation report, coming on the heels of a robust jobs report, would have added to the case for a 50 bp hike next week, but fears over financial contagion have seen analysts revising their calls to 25 bp or a pause.
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.