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Wednesday 15 November 2023

US inflation FALLS to 3.2pc

Inflation zeroed out

A nice little turn-up for the books overnight, as US consumer price inflation came in stone dead flat for the month of October, which was lower than the already modest market expectations.


Source: Bureau of Labor Statistics

Over the year, price inflation dropped from 3.7 per cent to 3.2 per cent. 

Surprisingly - to me, at least - shelter is still contributing to price increases, but overall inflation is on the way down.


Source: Bureau of Labor Statistics

Core inflation also came in below market expectations at just 0.2 per cent for the month, and 4 per cent over the year. 

Markets will love this, with the 2-year note seeing yields tumbling by close to 20 basis points today. 


There'll be no further interest rate hikes from the Federal Reserve in December or January, then, with the next move likely to be down, perhaps just a few months thereafter. 

UK 2-year gilts also saw yields tumbling to around 4½ per cent, the lowest since early June, which should get the housing market over there moving again in due course. 

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