-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessUS DATA: CPI: Another Report Reducing Odds Of A 50bp Cut Next Week [1/2]
- Core CPI was easily stronger than expected in August at 0.28% M/M (cons 0.20%) after 0.165% in July and a particularly soft 0.06% in June.
- One area that is odd is that the core M/M beat expectations but the Y/Y was much closer at 3.20% Y/Y. There are differences in the Bbg surveys (65 for M/M vs 51 for Y/Y) but we saw similar expectations in our survey which included unrounded estimates. It could suggest some seasonal adjustment quirks were at play.
- Core services were out and out stronger than expected, with OER at 0.50% M/M (analyst av 0.30) on widespread regional strength and primary rents at 0.37% M/M (analyst av 0.30) whilst ex-housing core increased 0.33% M/M (limited analyst av 0.25, range 0.20-0.35) after 0.21%.
- On rental inflation, we noted in the preview that June has been the only month in recent years with weighted rental inflation back at the 0.27% M/M averaged pre-pandemic. July saw an acceleration to 0.39% M/M before a further increase to 0.47% M/M in today’s data.
- The impact from “supercore” inflation coming in at the high end of expectations was limited by some potentially softer implications for core PCE, conditional on tomorrow’s PPI report.
- Core goods offered the most dovish aspect of the report, with used cars falling roughly as expected (-1.0% M/M after -2.3% with potential increases ahead) but ex-used cars seeing another -0.1% M/M decline despite higher input costs amidst a relative tightening in supply chain pressures.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.