US: Core CPI in April suggests sticky inflation ahead of June FOMC meeting – TDS – by MSalordFX CPI UnitedStates Banks
es point out that April core CPI still suggests underlying inflation is likely to remain sticky ahead of the June FOMC meeting; they are of the view that a final 25bp rate increase to 5.25%-5.50% remains on the table. “Consumer price inflation matched consensus expectations in April, with headline CPI rebounding 0.4% m/m. Prices in the core segment stayed firm, also advancing at a firm 0.4% m/m pace for a second consecutive month.
“With April core CPI prices still suggesting underlying inflation is likely to remain sticky as we head into the June FOMC meeting, we are of the view that a final 25bp rate increase to 5.25%-5.50% remains on the table. However, we also acknowledge that the FOMC's decision has become especially data-dependent, with activity/banking related data gaining more prominence on the Fed's dashboard post-SVB.
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