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0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
1. CPI, core CPI at 0.4% MoM lead markets to now price in only 1 or 2 cuts rate in 2024
Inflation has been sticky at the 3-4% annual range, as we have been anticipating for some months now:
CPI: 0.4% MoM / 3.5% YoY in March, vs. 0.3% / 3.4% expected, from 0.4% / 3.2%.
Core CPI: 0.4% / 3.8%, vs. 0.3% / 3.7%, from 0.4% / 3.8%.
Inflation continues to be hit by high prices in housing rents and travel services
Markets now expect only 1 or 2 rate cuts in 2024, starting in September
Meanwhile, in China, consumer inflation came in at -1.0% MoM / 0.1% YoY, below expectations
CPI: -1.0% / 0.1% in March, vs. -0.5% / 0.4% expected, from 1.0% / 0.7% in the previous month.
PPI: -2.8% YoY, in line with expected, from -2.7%.
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