Daily digest market movers: Odd expectations deliver odd market flows post-US CPI
- US CPI inflation broadly printed as markets expected, with core CPI inflation ticking down to 3.2% YoY from the previous 3.3%.
- Both headline and core CPI ticked up to 0.2% MoM, also as-expected.
- Annualized CPI also shifted lower to 2.9% in July, below the forecasted hold at 3.0%.
- Despite continued easing in YoY CPI inflation figures, investors were broadly expecting a more significant decline after this week’s US PPI inflation print showed a steeper decline in upstream cost growth. However, declining cost pressures don’t appear to be getting passed onto consumers as fast as many had hoped.
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