CPI data released

Market Overview
Read time 0.8 minutes

Year To Date Performances:

1. This week’s Consumer Price Index (CPI) release brought positive news in terms of inflation. Both headline and core inflation figures were lower than expected, reaching their lowest levels annually since March 2021 and October 2021, respectively. The Federal Reserve Chair, Jerome Powell, closely monitors a measure called super core inflation, which remained flat for the month and also showed its lowest annual reading since 2021. Although this report is unlikely to alter the Fed's plan to raise interest rates by 25 basis points this month, it does suggest a more favourable trajectory toward achieving a soft landing for the economy.

2. The Consumer Price Index (CPI) had a positive impact on the markets. Treasury yields experienced a significant decline across various maturities as expectations of interest rate hikes diminished. The DXY, which gauges the strength of the US dollar against a basket of currencies, dropped to its lowest level in 15 months. Stocks enjoyed a widespread rally, with all sectors except Industrials and Healthcare advancing. Both the S&P 500 and Nasdaq reached new 52-week highs and closed at their highest levels since April 2022.

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4. Headlines

   1. The FTC is appealing a judge’s decision to allow Microsoft’s acquisition of Activision Blizzard.

   2. Exports from China declined for the second consecutive month.

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