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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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Free AccessWells Fargo: Inflation Inertia Will Be Difficult To Break
Wells Fargo says that December's M/M slowdown in CPI "should not detract from the absolute size which shows prices continue to rise at a menacing pace", both above the Fed's goal and "highly visible to consumers whose earnings have not kept pace with prices this past year".
- In the details, they see somewhat smaller contributions from used cars for "the next couple of months at least", and "would not be surprised" to see outright declines in travel sector prices in January.
- But overall, Wells Fargo sees services inflation trending higher in 2022, "reflecting the lagged pass-through of higher prices for physical inputs and labor."
- They see the increasing breadth of price gains as giving inflation "inertia that will be difficult to break", with more than 2/3 of CPI categories up 3+% in the past year.
- They expect CPI to remain close to 7% Y/Y in the next few months, falling further on on base comparisons, but "still likely to run at a burdensome pace through the year", with core CPI still likely to be around 4% by end-year.
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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.