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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
- Away from housing, supercore inflation was very much as expected at 0.21% M/M after two particularly weak prints averaging -0.05% M/M. These of course haven’t fed into supercore PCE (currently seen averaging 0.18% M/M in May-June) and the implications for PCE in July are mixed at first glance – we’ll update with analyst core PCE estimates in due course.
- One notable area for instance is medical care services (8% of core CPI). It saw a sharp decline of -0.34% M/M after 0.17% M/M, driven by hospital services (-1%) but with the limited medical service components that feed into core PCE little changed by our reckoning at ~0.2% M/M.
- There are two other offsetting moves within the details though: vehicle insurance surprised higher with 1.2% after 0.9% (a heavy 4% of core or 11% of supercore that isn’t included in PCE) but food away from home moderated sharply from 0.4% to 0.2% M/M for its second lowest monthly reading since early 2021 (not in core CPI but 7% of core PCE).
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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