US October inflation data, CPI, is due at 1330 GMT.
- This snapshot below is from the ForexLive economic data calendar, access it here.
- The times in the left-most column are GMT.
- The numbers in the right-most column are the ‘prior’ (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.
Quickie preview via CIBC:
- The relief from higher prices at the pump ended in October, as prices climbed into mid-month, with OPEC+ announcing supply curtailments. Combined with broad price pressures in other categories, the total CPI likely accelerated to 0.7% on the month, leaving the annual rate of inflation lower at 8.0%.
- Excluding food and energy, core prices likely remained heated with a 0.5% gain on the month, reflecting continued pressure in the shelter price index as leases reset at higher rates, lagging housing market developments. High demand for other services likely added to that pressure, however, some easing in core goods prices could have been masked by the headline, as industry gauges of used car prices have fallen along with the fading of supply chain issues in that sector.
On the Federal Open Market Committee (FOMC) ahead, CIBC are forecasting another +100bp yet to come.:
- in order to contain inflation expectations and cool the labor market.
This article was originally published by Forexlive.com. Read the original article here.