The Consumer Price Index (CPI) for the US in October came in at 3.2%, lower than the expected 3.3%. However, year-ahead inflation expectations in the University of Michigan survey showed a jump, while the NY Fed survey indicated a slight decrease in October. The core CPI is projected to rise 4.1% compared to October 2022, matching the annual advance in September and snapping a six-month stretch of slowing price growth. Despite this, the S&P hasn't moved 1% or more on a CPI day since March, indicating that inflation is no longer the big story in the market.
JUST IN: US #CPI inflation comes in at 3.2% for October, lower than the 3.3% expected.
Don't get too hype about tomorrow's CPI report. The S&P hasn't moved 1% or more on a CPI day since March (wild considering it caused 1% swings in 7/12 CPI days last year) Inflation isn't the big story any more. https://t.co/mGoOF5zaG2
🔴 NY FED SURVEY: US 3-YEAR INFLATION EXPECTATIONS HOLD AT 3% IN OCTOBER.
About the October jump in year-ahead inflation expectations in the University of Michigan survey: It's *not* showing up in the NY Fed survey—they *ticked down* to 3.6% in October from 3.7% in September Three-year ahead expectations held steady at 3% https://t.co/eiB3NEAF8B https://t.co/0btKUyQuea
ICYMI --- The CPI Report May Deliver A Massive Surprise To The Market https://t.co/FmXHrPPAgJ https://t.co/5htobHq6Qw #inflation #cpi
ICYMI --- The CPI Report May Deliver A Massive Surprise To The Market https://t.co/5htobHq6Qw #inflation #cpi
Why the inflation hawkers are licking their lips into this week. “CPI seen increasing 0.3% for 3rd month. Compared w/October 2022, core CPI is projected to rise 4.1%. That would match the annual advance in September & snap a six-month stretch of slowing price growth.” @business https://t.co/5omC3vllbG