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07.09.26 - 19:24
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Key Events This Holiday-Shortened Week: All Eyes On Friday′s CPI (ZeroHedge)
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Key Events This Holiday-Shortened Week: All Eyes On Friday's CPI
After Friday's blowout jobs report, attention now turns to inflation. Economists expect headline CPI (Friday) to rise by +0.4% month-on-month in August, up from +0.07% previously, while core CPI is expected to print at +0.2% month-on-month, broadly unchanged from July's +0.22%. Higher gasoline prices are likely to support the headline reading, while core inflation should continue to benefit from gradually moderating shelter costs (which however are turning higher again per Case-Shiller). If realized, the forecasts would leave headline CPI broadly unchanged at 3.4% on a year-on-year basis while core inflation edges 10 bps lower to 2.4%.
Ahead of that, the PPI (Thursday) will provide another important input into the inflation outlook. Economists expect PPI to imply a +0.3% month-on-month increase in core PCE, up from +0.2% in July, leaving the annual rate rising to 4.6% from 4.2%. The remainder of the US calendar is relatively q...
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