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US headline CPI could rise again As speculation about whether or not the Fed will hike one more time goes into overdrive, the latest report on the US
US CPI report and Fed minutes to take centre stage Will they fuel or dent the rally in yields and the dollar? Chinese inflation and UK growth data to also be eyed Otherwise, a quieter week awaits with Monday a holiday in the US consumer price index will be the big highlight of the week. With the next FOMC decision less than four weeks away, there is a sense of driving blindfolded for both policymakers and traders amid conflicting data on where the economy is headed.
However, it hasn’t been all doom and gloom on the economy. The Office for National Statistics recently published revisions to its GDP calculations and it is now estimated that the British economy is 1.8% larger than it was before the pandemic compared to the previous estimate of being 0.2% smaller, putting the UK in no worse position than its major European counterparts. In addition, the September services PMI was revised up sharply in the final reading, easing fears about an imminent recession.
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