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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.
DATA REACT
- US core CPI missed in March, at +0.32% M/M vs the +0.5% expected.
- The miss looks mainly driven by used cars (-3.8% vs closer to -1% expected) and softer rents (+0.43% after +0.57%, some analysts thought similar again). OERs meanwhile were in line, +0.43% after +0.45% and remarkably steady for seven months now between 0.41-0.45. Core was however helped by an extremely strong rise in airfares (+10.66%).
- Core goods inflation of -0.42% M/M is the weakest since -0.64% in Apr-2020 as a result of that drop in used cars. However, whilst core goods ex used cars & trucks clearly slowed in March, it only went from +0.6% to +0.38% M/M
- Overall core service inflation meanwhile touched a new post-pandemic high of +0.60% M/M.
- Immediate pricing for May 4 FOMC unchanged at 49bps of hikes but June 16 trimmed 2bps to 93.5bps and year-end down more than 10bps to 210bps.
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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