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The CPI for April came in pretty close to expectations. CPI came in at 0.31% m/m, and 0.29% on core, versus a priori expectations for 0.37% and 0.30%. This relative accuracy does not necessarily mean that economists now know exactly what is going on in this index, only that all of the misses canceled out. But the misses are interesting, and worth looking ...
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Markets expressed mild relief toward a pair of US inflation and consumer spending prints that change nothing yet for the FOMC. The result had markets gently piling into the US front-end, driving a weaker dollar, and putting a bid to US equities. That’s a sensible market reaction in a positioning sense that has been programmed to be surprised by higher core ...
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