In the end, we are simply spectators. We can prepare and act accordingly, but The Banks remain in control of price on a daily basis. There are some days when you can see this more plainly than others. Today is one of those days.
The big news today was, of course, the latest guess at US consumer price inflation. This came in both above and below expectations, depending upon which metric you choose to follow. Month-over-month is down to just +0.1% but other averages are still high:
- CPI 0.1% MoM, Exp. 0.2%
- CPI 5.0% YoY, Exp. 5.1%
- CPI Core 0.4%...