US inflation continues to run too hot, but there are glimmers of hope
So both the headline and core US CPI month-on-month prints came in at 0.4% in April, as expected. Favourable rounding means that the annual rate of headline inflation slows to 4.9% from 5% (consensus 5%), while the annual rate of core inflation drops to 5.5% from 5.6% as predicted. Remember we peaked at 9.1% for headline inflation in June last year and 6.6% for core inflation in September, so we continue to move in the right direction. However, MoM CPI prints of 0.4% are well above the 0.17% MoM rate we need to average over time to bring the annual rate of inflation down to 2%, hence the Fed won’t be incentivised ... (full story)
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An April inflation reading on Wednesday that was more benign than expected disrupted the modest momentum that had been building for an 11th straight U.S. interest rate hike in ...
U.S. crude oil refinery inputs averaged 15.7 million barrels per day during the week ending May 5, 2023, which was 10 thousand barrels per day more than the previous week’s ...
post at 10:16am: *Some ECB Officials Start to Think Sept. Rate Hike May Be Needed
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post at 11:34am: *ECB’s Centeno: Rates May Be Cut at Some Point Next Year post at 11:34am: ECB's Centeno: "We Must Be Approaching The Terminal Rate, If This Is Done In June Or July, There Is A Very Important Condition That Is Inflation" post at 11:21am: ECB's Centeno: - Interest rates adjustment is still underway - Interest rates historically are not high, but they are rising quickly -ECB policy will remain tight for some time after rate peak -Rates should begin to come down at some point during 2024
The US economy may be edging toward a stage of stagflation, characterized by simultaneously stagnant growth and high inflation. How has the economy weathered stagflation in the ...
post at 12:28pm: SNB’s Jordan: Inflation is Above Price Stability Range, Higher Than We Want post at 12:36pm: SNB'S CHAIRMAN JORDAN: NOMINAL SWISS FRANC APPRECIATION IS MOSTLY DUE TO INFLATION ABROAD. post at 12:36pm: SNB’s Jordan: Current MonPol is Still Not Restrictive Enough post at 12:38pm: SNB'S CHAIRMAN JORDAN: WE DON'T ANTICIPATE A WAGE-PRICE-SPIRAL, BUT THERE ARE RISKS. post at 12:41pm: SNB'S CHAIRMAN JORDAN: WE'RE PREPARED TO USE FX SALES AS POLICY TOOL IF NECESSARY.