CPI: 3 Wall Street economists react to today's inflation numbers
Following the latest US inflation data, Wall Street economists have been quick to offer their views on the numbers.This morning’s core CPI release for May was much cooler than expected. The month-on-month core inflation rate for May came in at 0.2%, below the expected 0.3% forecast. Meanwhile, the consumer price index rose at an annual pace of 3.3% in May, down from the previous month’s reading of 3.4%, which was also the forecasted reading for this month.
“Our early calculations suggest that core PCE prices increased by only 0.13% m/m. Which would only be 1.6% on an annualised basis,” said Capital Economics. “That’s the sort of below-target A+ data Fed officials like Christopher Waller have been waiting for.” “This would lower the y/y from 2.75% to 2.58%. Headline PCE is forecasted at 0.01%M vs. 0.26%M the month prior. Core services ex housing translation points to 0.15%M in May vs. 0.27% prior,” wrote the bank.
Evercore ISI believes the cooling of inflation is continuing as most leading indicators for inflation are soft.
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