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Macro Dinner Whispers
Headed into the new week, there was a "building hot inflation whisper."
Speculation around an upside print from US CPI data due Tuesday "has been leaking out into the market across some macro dinners around the Street," Nomura's Charlie McElligott said. Apparently, there's "some +0.6% MoM chatter."
High drama around the latest inflation reading in the US is contextualized by January's jobs scorcher, ISM services kicker and subsequent Fed banter, all of which contributed to last week's selloff
How much of this is just anxiety that CPI is due for an upside surprise? All respect to used cars but I’m not seeing any now-casting breakdowns that are screaming unexpected upward drag. If anything it seems like shelter costs (as a lagging input) might start providing another leg down. What do I know, including whether these formulas are calculated honestly, but I’m not convinced these whispers are more than finbros with no hobby other than eating and drinking and conspicuously making stuff up in the hope that they sound important and intelligent.