Market data not provided in this CPI-focused commentary.
The March CPI data came in slightly cooler than feared, with headline inflation at +3.3% year-over-year (versus Street expectations of +3.4%) and core CPI at +2.6% (below the +2.7% consensus). The modest relief in core inflation readings should ease some pressure on Fed policy makers, though energy's 10.9% monthly surge signals inflationary headwinds ahead.
This CPI print offers a tiny reprieve from the inflation nightmare scenario, but don't get too comfortable. Energy prices absolutely exploded higher (fuel oil up 30.7% monthly), and that pain will ripple through the broader economy in coming months. While core services cooled and food prices went flat, the underlying price pressures remain stubbornly persistent. Expect continued volatility as markets grapple with this mixed but ultimately concerning inflation backdrop.
No geopolitical developments reported in this commentary.
No individual company news reported in this commentary.
No upcoming macro or Fed dates provided in this commentary.
No earnings calendar provided in this commentary.
No earnings calendar provided in this commentary.