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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.
Markets
EXECUTIVE SUMMARY
- Core CPI inflation was slightly softer than expected in July at an unchanged 0.16% M/M for two months of noteworthy moderation albeit after six months at 0.4% M/M or higher.
- A second heavy decline in airfares caught the eye and without it the rise in core services ex housing from a flat June would have been larger than the roughly as expected print it registered.
- The first outright decline in core goods prices away from used cars since Feb 2021 does however support overall disinflationary progress.
- Near-term Fed hiking expectations softened slightly with just 8bp of cumulative tightening seen over the next two meetings, but with the July PCE report plus the August payrolls/CPI reports still to come.
- 2024 rate cut pricing was initially little changed once the report was digested having built into the release, before cuts were ultimately trimmed later in the session with a broader fixed income sell-off.
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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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