Well there goes that frisson. Party pooper.
From Marc Chandler at Bannockburn Global Forex:
Overview: Today's highlight is the March US CPI, and while everyone is talking about it, it is unlikely to tell us anything we do not already know. Headline price pressures are easing but the core rate is sticky, and despite comments from the Chicago Fed president about the need for patience, the odds of a hike next month have crept up. Understanding the Fed's reaction function, it seems clear that for most officials, inflation is remains too high and the labor market resilience suggests a further increase in rates can be absorbed. The FOMC minutes from the March meeting will be released late in today's session and insight into how the Fed was thinking about bank stress, which appears to have lessened. Equities were mostly higher in the Asia Pacific region and Europe's Stoxx 600 is advancing for the third consecutive session.
US equity futures are steady to firmer. Benchmark 10-year yields are up 1-2 bp with the US Treasury yield at 3.45%. The dollar is mostly softer against the G10 currencies but in narrow, mostly consolidative ranges. Among emerging market currencies, the Russian rouble continues to slump, while the Mexican peso and Hungarian forint (Hungary reported higher than expected March CPI (0.8% for a 25.2% year-over-year increase) are the best performers. Gold is holding above $2000 and is trading at a three-day high. June WTI is firm after yesterday's outside up day. It is knocking on last week's high (~$81.80)....
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America
A 0.2% increase in the March headline CPI translates into slightly more than a 4.4% annualized rate of increase in Q1 22. The pace in Q4 22 was around 3.2%. The median forecast in Bloomberg's survey....
....MUCH MORE
