Masks Return, CPI Burns | Morning Express | 4.12.22
Posted: April 12, 2022, 8:14 a.m.
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- U.S. CPI for March is due at 7:30 am CT. Core is watched most closely, although the headline read includes the more volatile food and energy, bringing a good headline.
- Food and energy inflation is at the center after being driven higher by the war in Ukraine.
- Core CPI is expected at 6.6% YoY and to top February’s 6.4%, the highest since September 1982.
- The MoM print is expected at +0.5%, would be the sixth in a row at 0.5% or higher, this has not been done since 1981.
- Headline CPI is expected at 8.4% YoY and to top February’s 7.9%, the highest (matches) since February 1982.
- The MoM print is expected at 1.2%, the highest since October 2005.
- Fed Governor, incoming Vice Chair, Brainard speaks at 11:10 am CT in what could be a pivotal follow-up. Last week, the known dove took a surprisingly hawkish turn discussing 50-basis point hikes and a speedy balance sheet run-off to battle increasing inflation, how fitting.
- U.S. 10-year hit a high of 2.836% overnight, ahead of today’s CPI and auction.
- Tech the hardest hit as long-end rates continue to melt-higher, although all consolidating this morning ahead of CPI.
- Philadelphia reinstates indoor mask mandates upon uptick in cases.
E-mini S&P (June) / NQ (June)
S&P, yesterday’s close: Settled at 4409.00, down 74.50
NQ, yesterday’s close: Settled at 14,000.00, down 327.00
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NQ (March)
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Crude Oil (May)
Yesterday’s close: Settled at 94.29, down 3.97
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Gold (June) / Silver (May)
Gold, yesterday’s close: Settled at 1948.2, up 2.6
Silver, yesterday’s close: Settled at 24.987, up 0.164
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Silver (May)
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