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Pullback Considered Corrective


Holding Above Recent Lows


BLOCK, Large 3Y Midcurve Put Condor

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Wrightson ICAP is penciling in at 0.4% / 0.3% M/M outturn in August CPI data Tuesday for headline and core, respectively (exactly in line with Bloomberg survey).

  • Among key components, they see lodging costs moving "sideways" after a 13% rebound over Jun-Jul; used car prices declining 0.5% M/M (a fall for the first time since February). Whereas they see new car prices continuing to "surge due to inventory shortages", with +1.5% M/M (just off the +1.8% avg of the previous 3 months).
  • On shelter: they see OER and rent higher over the remainder of the year, but see only "a modest acceleration" in August: OER +0.3% in August, up to +0.4% in September.