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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.
US DATA
- The PPI details show airfares up ‘just’ 2.9% M/M in April after an upward revised 11.1% M/M, compared to CPI airfares accelerating from 10.7% to 18.6% M/M (and providing half of the surprise in yesterday’s CPI).
- This PPI series is more important than CPI for PCE.
- Prior to PPI, JPM were tracking core PCE inflation at +0.25% M/M and MS at +0.33% M/M, notably slower than the 0.57% M/M for core CPI. It’s not clear what they’d assumed for airfares but it potentially opens an even larger than usual gap between the two measures.
Differences between PPI (blue) and CPI (white) airfares Source: Bloomberg
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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