The highlight of the US economic calendar that week comes tomorrow with the release of the March CPI report. The consensus is a rise to 8.4% from 7.9% on the headline, in large part due to a jump in energy prices at the start of the Ukraine war.
Core CPI is forecast to rise to 6.6% from 6.4%.
Runaway inflation is a big reason the market is pricing in a 90% chance of a 50 basis point hike from the Fed on May 4 with two more half-point hikes coming behind it. This will be the last CPI report before then.
