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Free AccessMorgan Stanley: Cyclical And Persistent Inflation The Key Story
Morgan Stanley highlights the "stronger underlying cyclical components" seen in the September CPI report, which were offset by more volatile categories (eg airfares).
- The 0.24% overall core M/M increase was below MS's 0.32% expectation, and they see this as largely due to "a second consecutive decline in used car prices which contrasted with our expectation for a moderate bounceback." But they expect used car prices to shift higher in coming months.
- They also saw the sharp drop in airfares as a surprise, but likewise expect "some flattening out or even modest rebound in the months ahead".
- Core services inflation, in contrast, was roughly in line with MS's expectations, with rents rising sharply.
- "This upside in the more cyclical and persistent components like rents and owners' equivalent rents was the key story in the September CPI report and that should provide an important source of support that is likely to keep the inflation data sequentially firm in the months ahead."
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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.