Nomura Research discusses its preview for the US inflation report on Wednesday.

"We expect core CPI inflation to continue to moderate gradually to 0.3% (0.346%) m-o-m in April, following 0.4% (0.385%) in March and 0.5% (0.452%) in February. If our forecast materializes, the 12-month change in the core CPI price index would be +5.5% (+5.470%) in April, down from +5.6% (+5.590%) in the previous month," Nomura notes. 

"By component, we think core goods inflation likely rebounded due to higher used vehicle prices, while the expected disinflation in aggregate core CPI inflation appeared to be led by weak service price prices," Nomura adds.