US inflation data doesnt change the game
Wednesday 13th December 2023
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In numbers out overnight the headline US CPI rate fell a little, but no more than expected, whilst core inflation remained stuck at 4%. JBWere\u2019s Sally Auld says it again showed the dichotomy between core goods, which fell 0.3% in the month, and services which rose 0.5% in the month. It\u2019s not expected to change the Fed\u2019s decision tomorrow, or the outlook for cuts in the first half of 2024, but that could change with the dots plot from the FOMC. Elsewhere, the latest ZEW survey from Europe showed a surprise lift, whilst oil continues to slide lower. In short, not a huge reaction to an unsurprising CPI, and all now rests on what\u2019s said and forecast tomorrow.
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