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Via Charlie McElligott at Nomura:
If “data dependency” is the new “forward guidance,” then what a week ahead for markets: besides the obligatory “biggest CPI print ever,” we get PPI, Initial Claims, Empire Fed, NAHB and U Mich Sentiment & Infl Expectation so
CPI House View: We expect a deceleration for headline inflation to 0.1% MoM (or 8.6% YoY) from 1.3% in June, largely due to lower gas prices. Core should modestly slow to 0.5% MoM, downfrom 0.7%, but rent-related components likely remained strong, and core goods inflation is likely to be softer
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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