Wednesday 14th February 2024
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US CPI numbers showed that inflation isn’t coming down as fast as expected. The market reaction was swift as markets repriced their expectations for the timing of rate cuts. Equites fell sharply, bond yields rose as the US dollar gained ground.. NAB’s Taylor Nugent says there are good reasons not to take too much signal from the January data alone. Perhaps the exercise will be repeated with UK inflation numbers later today although there a small rise is already expected. Today New Zealand’s price indices will give an early indication of inflation, as the market pares back rate hike expectations after the surprising call by (another) major bank this week.
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