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11 Mar 2024

11 Mar 2024

Another US CPI jolt looming?

• Mixed markets. Equities eased a little while bond yields nudged up overnight. Currencies were well contained. AUD consolidated near ~$0.6610.• US CPI. US inflation data in focus tonight. Will the February US CPI data confirm or disprove the January reading as an anomaly?• Expectations matter. Analysts look to be factoring in a greater chance of an upside surprise. This suggests a bigger market reaction could be to a lower print. Markets have had a fairly subdued start to the new week with attention on tonight’s US CPI inflation data (11:30pm AEDT). Global sharemarkets have been mixed. The US S&P500...

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11 Mar 2024

Soft Landing Bets Remain Dominant Ahead of Inflation Data

The trade-weighted dollar is coming under renewed selling pressure this morning after last week’s events helped fortify expectations for a “soft landing” in the US economy. On Thursday, Federal Reserve chair Jerome Powell told Congress that the Federal Reserve was “not far” from the level of confidence needed to cut rates. Friday’s jobs report showed headline job growth topping expectations, but revisions to the prior two months pointed to cooling momentum, and average hourly earnings saw their smallest month-on-month rise in two years. The pound and euro are defending last week’s advances in tight trading ranges. Sterling’s rally is losing...

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