There’s a peculiar practice in financial markets: expressing shock when economic data don’t match forecasts that few had faith in the first place. It’s happening right now with US inflation.
Last week’s core CPI growth for March came in at a 0.359 per cent month-on-month, against a consensus of 0.3. A ‘whopping’ 0.059 percentage points higher. Cue frantic re-pricing of expected US Fed rate cuts for 2024.
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