Another sign of a bumpy path for inflation
Monday19th February 2024
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There was some dismissing of the US CPI numbers last week as not being the Fed\u2019s preferred measure of inflation. But the producer prices on Friday, which do input into the Fed\u2019s preferred Core PCE number, also showed prices ticking higher in January. Evidence of the bumpy path that the Fed\u2019s Michael Barr was talking about on Thursday, perhaps? But NAB\u2019s Taylor Nugent says, as with the CPI numbers, seasonally adjusting January\u2019s numbers is notoriously difficult. In any case, we won\u2019t see further market reaction in the US today because its Presidents Day holiday. So, a quiet start to a week which includes the latest flash PMIs and Australia\u2019s wage price index.
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