“A clear downtrend”; US CPI up 0.2% in June

12 July 2023

 

Summary: US CPI up 0.2% in June, less than expected; “core” rate up 0.2%; ANZ: confirms clear downtrend in core inflation; Treasury yields fall materially; rate-cut expectations harden; NAB: core result dominated by airfares, travel, used vehicle prices; non-energy services prices again main driver, adds 0.18 ppts. The annual rate of US inflation as measured by changes in the consumer price index (CPI) halved from nearly 3% in the period...

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