Good MorningEquities moved higher on Wednesday despite a hot reading of the CPI. The CPI came in at 0.5% for the month or up a tenth hotter than expected with similar strength at the core and YOY levels. The takeaway is that inflation continues to rise and is leaving the FOMC no choice but to raise rates. Based on Jerome Powell’s testimony to Congress it looks like the Fed will be raising rates at a much quicker pace than ever indicated. According to the CME’s FedWath Tool, a rate hike is all but assured at the March FOMC meeting.
Today’s action will be driven by the PPI. The Producer Price Index is expected to subside from the previous month but could easily come in hotter than expected. Even so, with CPI already at record levels, a cool read on the PPI will do little to alter the outlook. The question is how will the market react?
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Politics | | Shares were mostly lower in Asia on Thursday after the latest report of surging prices in the U.S. appeared to keep the Federal Reserve on track to raise interest rates in coming months.
London, Paris, Tokyo and Shanghai were lower while Sydney and Hong Kong advanced.
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Politics | | Shares were mostly lower in Asia on Thursday after the latest report of surging prices in the U.S. appeared to keep the Federal Reserve on track to raise interest rates in coming months.
London, Paris, Tokyo and Shanghai were lower while Sydney and Hong Kong advanced.
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