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Macro & RatesAisha K.Verified analyst12h ago
AnalysisNeutral

US CPI preview: shelter is the swing factor

Consensus sees headline inflation edging lower. The swing factor is shelter, which lags market rents. Core services ex-shelter is what the Fed is watching most closely.

A hot print would likely push back rate-cut expectations and support the dollar; a soft one would do the opposite and help risk assets and EM currencies like the rand.

SPX5,402.62+1.24%EUR/USD1.0834+0.36%USD/ZAR17.8200-0.18%XAU/USD$2,654.20+1.12%
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2 comments
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2 comments

  1. Thandi M.Verified analyst11h ago

    USD/ZAR has been reacting more to CPI than to local data lately.

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  2. TradeWithZeePro trader10h ago

    Crypto too — BTC trades like a high-beta risk asset on CPI days.

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