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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:
- Core CPI inflation slightly stronger than expected in April, nudging up from 0.38% to 0.41% M/M, considering consensus that had just tipped from 0.3 to 0.4 on the day of the release with further entries.
- The main upside driver came from an even larger than flagged increase in used cars, accounting for 0.17pps of the change in M/M rates, although the surprise was mostly offset by softer volatile items.
- Key core service ex housing measures moderated to differing extents whilst core goods ex used cars were almost flat on the month for the softest since Feb’21.
- This underlying moderation plus an impressive normalization in dispersion measures aside, core CPI continued to grow at a fast pace in April with its fifth consecutive rounded 0.4% M/M print.
- Most analysts see the FOMC pausing in June (Citi a notable exception) but push back on cut pricing. There is still a whole round of monthly data including May CPI on day one of the two-day June 13-14 FOMC.
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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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