April’s Consumer Price Index (CPI) will be released on Wednesday. The core CPI is expected to increase by 3.6% year over year. The metric is a key tool for the Federal Reserve to assess inflation and shape future policy decisions.
ICG Head of Economic and Investment Research Nicholas Brooks joins The Morning Brief to give insight into the upcoming CPI reading and how the Fed may react to the numbers.
Brooks explains that few policy actors are sure about how persistent core services inflation will be: "The Fed is looking at three month and six month annualized rates of core services along with everybody else. They may not talk about it that much, but I’m sure they’re watching that pretty carefully. And I think one of the problems with this cycle in particular, having had the pandemic and energy crisis with the Russian invasion of Ukraine, [and] a number of other factors is nobody really knows what’s going on, including the Fed."
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