Inflation data disappoints. September 13, 2022
Today's monthly inflation report was seen a negative for market sentiment today. The Department of Labor's Consumer Price Index report showed a decline in annual inflation from +8.5% year/year in July to +8.3% in August. Though it was a decline the trade was hoping for a decline to +8.1%. Retail level pricing is not much off the peak +9.1% rate in June. In the trade's view this will solidify the Federal Reserve's likely +0.75% increase in short term interest rates on September 20-21. Though we don't see any chance at +1.00% this will now be a number for the trade to psychologically flirt with. The stock market fell a full 3% in today's trade. Crude, down most of the day, didn't do too bad with finish to only minimal losses. Crude still has yet to fully recover from Friday's push to new downtrend lows though.
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