CPI coming up next
The market will move on a combination of all the CPI data, including weekly earnings, but the biggest driver is likely to be core CPI, which excludes food and energy.
The consensus estimate for the report is a 1.8% y/y rise, the same as last month. But digging through economist estimates, there is a skew higher with 14 of the 42 economists in the Bloomberg survey seeing 1.9% or higher. Meanwhile, just one sees a deceleration to 1.7%.
The market, meanwhile, appears to be leaning the other way. The wages indications in non-farm payrolls were soft and the US dollar has mostly been in retreat since.
