"Under the surface, you have core goods prices still deflating year-over-year and core services prices increasing at their slowest pace since early 2022. It's also encouraging to see shelter price pressures cool, given that they are still accounting for a sizeable chunk of the core reading."
"We believe economic fundamentals of gently decelerating labor market momentum, strong productivity growth and disinflationary under-currents would support a further 25bps fed funds rate cut at the upcoming FOMC meeting."
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