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According to analysts at ANZ, US core inflation is expected to rise by a 0.2% m/m in June after four consecutive months of just 0.1%.

Key Quotes

“Underlying pricing pressures remain subdued. Domestic demand could use an extra bump to boost cyclical inflationary pressures.”

“We look to FOMC Chair Powell and the minutes to the June meeting on guidance for the timing of easing. With the market pricing a 25bp cut in July as a done deal, Fed speakers need to push back if this is unwarranted.”

“A further deterioration in global manufacturing and lacklustre domestic inflation suggest that a cut is warranted soon.”