CPI preview: I have a used car to sell you
US CPI report due today
The US economic calendar features CPI today. The consensus is 2.4% y/y and 2.3% ex-food and energy but the line to watch is used car pricing, which has been volatile for the last two months.
Wages are also a key line. Average weekly earnings rose just 0.8% y/y in the November report and temporary retail hiring could further depress wages in December.
The CPI report is the lone US indicator to come today but we will hear from the Fed's Williams (1400 GMT) and George (1800 GMT0.
Earnings so far have been strong with Citigroup beating and JPMorgan crushing at $2.57/share compared to $2.35 expected on the heels of $3.4B in bond trading revenue versus the $2.61B consensus. Shares of both banks were up more than 1%.