A Swift win for Kamala, and a rogue CPI print
The core CPI rate in the US ticked slightly higher overnight. NAB’s Gavin Friend says part of this is down to shelter prices which, arguably, are influenced by interest rates!
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Thursday 12th September 2024
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Kamala Harris “won“ the Presidential debate, by most accounts, and US core GDP showed a slight tick up last month. Neither bit of news really moved the markets. Harris still has to win the election and, although a rise in CPI may be concerning, the headline rate came down for the fifth month in a row. NAB’s Gavin Friend says it hasn’t changed the pricing for cuts by year end, it might just push back a 50bp cut further than next week. The ECB is expected to cut rates today, whilst the BoE will be balancing up higher job numbers this week, with another flat GDP read overnight.
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