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Nov 10 - 09:55 AM

USD: Hot US CPI Print Leave More Doubts In Fed's Mind About How Long They Can Let This Inflation Run - CIBC

By eFXdata  —  Nov 10 - 09:01 AM

CIBC Research discusses its reaction to today's US CPI print. 

"Price pressures were scorching hot in the US in October, as broad-based gains resulted in a 0.9% monthly advance in total CPI (vs. 0.6% consensus). That reflected large contributions from both energy and food prices, but even when removing those categories, core prices climbed by a lofty 0.6% on the month (vs. 0.4% expected). That included sizable advances in both used and new vehicles, as well as shelter, amongst strength in other categories. That left total annual inflation at 6.2%, while core inflation accelerated to 4.6%, both the fastest rates seen since the early 90s," CIBC notes. 

'This print will leave more doubts in the Fed's mind about how long they can let this inflation run. Although we expect some calming on the supply chain front by mid-2022, labor market tightening by that time will keep inflation sustainably above target," CIBC adds. 

CIBC Research/Market Commentary


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