🚀 CPI Insights

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Unexpected inflation growth in March has cast doubts on the Federal Reserve's likelihood to cut interest rates anytime soon. The Consumer Price Index (CPI) saw a 0.4% monthly increase, elevating the annual inflation rate to 3.5%, surpassing economists' forecasts. Similarly, the core CPI, excluding food and energy costs, also rose by 0.4%, more than anticipated. This news led to a decline in stock prices and an increase in bond yields. The inflation rise was mainly attributed to higher housing and energy costs, with energy prices climbing by 1.1% and housing by 0.4%. While food prices saw a marginal 0.1% increase, certain items like eggs experienced notable hikes. Conversely, used car prices fell, and medical care services became pricier.

2. In his annual shareholder letter, Amazon CEO Andy Jassy outlined a strategic focus on both cost management and bold investments in emerging technologies, particularly artificial intelligence (AI). Amidst notable operational streamlining, which included laying off over 27,000 employees, Jassy highlighted Amazon's commitment to exploring new avenues for growth. He pointed to the development of foundational services, like those seen in Amazon Web Services (AWS), as essential to fueling future projects and maintaining Amazon's competitive edge. AI, according to Jassy, stands as a significant new frontier for Amazon, with AWS set to play a pivotal role in the company's AI endeavours. This is underscored by recent moves, including the appointment of renowned AI expert Andrew Ng to Amazon's board and a substantial $2.75 billion investment in the AI startup Anthropic.

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4. Headlines

   1. ECB and the Bank of Canada have both maintained their current interest rates at meetings this week.

   2. Ford has recovered 43,000 SUVs from 2022 and 2023.

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