The lengthening last mile
Rising producer prices and softer than expected retail sales ins the US. It’s only one day says NAB’s Ken Crompton, but it’s the classic stagflation data read.
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Friday 15th March 2024
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Reality is starting to bite. Pesky inflation is taking longer to come down, even as other data is showing slower economic growth. NAB’s Ken Crompton says its only one day, but stronger producer prices and slower retail growth is your classic stagflation data print. It’s clearly too early to make that call, but markets are worried, with equities taking a hit and expectations falling further for a rate cut in June. Bond yields have oved markedly higher, although oil prices are rising as the IEA forecasts stronger demand this year, which hardly fits the stagflation argument. But clearly, whatever the outcome, it’s taking longer to get there!
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