Free Trial
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
- 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.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok