The View from 5th Avenue – 13 April 2023
Posted onYesterday’s inflation (CPI) data failed to excite the markets beyond the first couple of hours of trading. Even though CPI was better than expected, it was not enough to temper thoughts of another Fed hike in May. And that hike is still coming (as of now) despite the Fed’s staff “projecting a mild recession” later this year. Today, investors got part two of the inflation series via the PPI, and it showed another sequential decline (y/y core 3.4% versus Feb’s revised 4.8%). While this also did n…