On top of the CPI hill
Wednesday 12th April 2023
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There will be a lot of focus on the US CPI number tonight, with an expected fall in the headline rate. There could be quite a market response if there are signs that inflation hasn\u2019t peaked. NAB\u2019s Skye asters believes markets still have unrealistically high expectations of rate cuts later in the year, echoing comments that Jerome Powell gave at the last FOMC press conference. We get top read the full minutes of that meeting later today. This morning we also look into yesterday\u2019s NAB Business Survey and Australia\u2019s strong consumer confidence read, which was helped by the RBA\u2019s \u2018hold\u2019 decision, again based on the assumption that inflation has peaked.
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