Daily Alert – Thursday 11th April 2024: Well, that’s torn it

Mark NugentApril 2024, Daily Alert

Daily Alert – Thursday 11th April 2024: Well, that’s torn it

Good morning.

US CPI comes in hot. On all measures, month-by-month, year-by-year, core and headline, US CPI exceeded expectations to the upside.

The impact was predictable and immediate. On the assumption that the Fed would be less likely to cut rates, equities fell, and the USD and bond yields rose. The Fedwatch tool is now predicting two 25-basis-point rate cuts this year, down from three before the CPI result, and the six that were predicted at the end of last year. So much for “transitory” inflation.

Now we have all eyes on The European Central Bank’s rate decision, expected just after midday.

I’ll be back in the morning, and we’ll pick through the details.

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