US inflation came in below expectations yesterday as CPI core grew by just 0.1% m/m in April against expectations of 0.2%, implying an unchanged core inflation rate of 2.1% y/y.
Key Quotes
“This supports our view that the Fed is not about to accelerate its hiking cycle but will stick to two-three more hikes this year depending on data, in line with the latest ‘dots’ and market pricing.”
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