Inflation in the US accelerated, not only in terms of monthly headline figure but everywhere, both core and headline, and both yearly and monthly figures came in hotter-than-expected.
While gasoline prices counted among the major drivers of monthly inflation, shelter, electricity, used cars, air travel and clothes remained the major drivers of inflation on a yearly basis. That was not an encouraging CPI read. The US 2-year yield spiked past 4.60% on fear that the Federal Reserve may not be able to cut the rates as soon as we think it will, and the 10-year advanced to 4.17% after the sale of a $39 billion worth of 10-year notes.
raised its economic outlook for the year and said that oil demand will increase by 2.25mbpd this year and by 1.85mbpd next year. That was unchanged from their previous forecast. Still, oil bulls remained timid above the 200-DMA and the barrel of US crude is trading below this level this morning. A delay in Fed cuts could further reinforce offers above $80pb level.
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