Inflation Cools Off, Pushing Real Wage Growth Back Into Positive Territory

CPI takes center stage on the data front Thursday. The latest read on inflation comes on the heels of Friday’s hotter-than-expected average hourly earnings print. I suppose the worst possible scenario is that it (CPI) too comes in above estimates, heightening market concerns about a hawkish Fed and translating into real wage growth that’s even more negative than it was last month, when inflation-adjusted wage gains rose at a not-great-again rate of -0.2%. (Bloomberg) Consensus is 0.

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