- According to the CPI estimate, there has been a 6.5% year-over-year increase
- This is lower than the prior year’s 7.1%
- The Core CPI estimate shows a 5.7% year-over-year rise
- This is slightly less than the 6.0% of the prior year
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Thursday has finally arrived and markets have been observing the situation since the beginning of the year. The US inflation rate has been dropping in the recent period, suggesting that the Fed may not need to be as aggressive in the concluding phase of its tightening cycle, as the cost of goods and services seem to be reaching a peak.
It is expected that monthly readings of prices will increase slightly, but the estimates for today’s report will continue to show a declining trend in prices. Nevertheless, investors will be more interested in the annual readings, as any indication that inflation is decreasing is desirable at this time.
- Thursday’s release of the UP CPI report is being closely watched, with Goldman Sachs and CIBC anticipating a shortfall.
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The stock market is showing some signs of optimism this week, but to see a further rise will depend on the inflation data released later today. The dollar is fragile, and this could be the catalyst for the next decline of the currency.
Europe has been stuck in a state of pensiveness and quietness this week, and this is expected to continue until the data is released.