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13 Sep 2023

13 Sep 2023

Underlying US price growth accelerates, pushing dollar higher

Last updated: 08:46 EDT Underlying US consumer inflation accelerated more than expected last month, helping ratify market expectations for at least one more move in the Federal Reserve’s tightening cycle.  According to data published by the Bureau of Labor Statistics this morning, the headline consumer price index rose 3.7 percent in August from the same period last year, up 0.6 percent on a month-over-month basis. This was closely aligned with consensus estimates among economists polled by the major data providers ahead of the release. Energy costs jumped 5.6 percent month-over-month as global oil prices surged.  The – arguably more important...

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13 Sep 2023

Price action slows to a crawl ahead of inflation print

The trade-weighted dollar is moving sideways, equity futures are slightly weaker, and long-term yields are creeping higher ahead of data that is expected to show core consumer price growth continuing to fade in the face of the Federal Reserve’s tightening campaign. According to consensus expectations, month-over-month headline inflation accelerated to 0.6 percent in August as energy prices climbed, driving the all-items index to a 3.6-percent gain over last year. But core – widely considered a more reliable gauge of underlying inflation – is seen rising just 0.2 percent for a third month running, bringing the year-over-year increase down to 4.3...

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