US Inflation

Consumer inflation in the United States in April rose 8.3% year-onyear, which was higher than the Bloomberg consensus expectation of 8.1%. Says Siobhan Redford at RMB: “Fortunately, this was below the March print but still significantly elevated by historical standards. The market response was unsurprising. Dollar strength ensued and equity markets fell as shorter-dated yields rose as market expectations for continued US Federal Reserve tightening cemented. It would seem that 50bp hikes at the June and July meetings are all but done, and the chance of a 50bp hike in September remains in play.”

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