February CPI comes in hot
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 12 March 2024
⏱️ 7 minutes
🧾️ Download transcript
Summary
Show Notes
Southwest Airlines shares dip on 2024 capacity reduction plan, citing Boeing issues
Oracle surges to new 52-week high as Wall Street sees another AI beneficiary
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis. |
| 0:09.0 | Today is Tuesday, March 12th, and I'm your host, Kim Khan. Our top story so far. |
| 0:14.8 | Consumer prices rose more than expected in February, but there was something of inflation hawks and doves in the report. |
| 0:20.7 | The CPI rose 0.4% last month in line with forecasts, but the annual rate ticked up to 3.2% from 3.1%, confounding expectations for it to stay steady. |
| 0:32.0 | The core C. P.I, which excludes food and energy prices, |
| 0:35.0 | wrote 0.4% on the month and 3.8% for the year. |
| 0:39.0 | Both figures were hotter than the consensus by 0.1 percentage point. Travel, real estate, vehicle |
| 0:45.1 | insurance, leisure activities, and clothing all put upward pressure on the |
| 0:49.0 | core. But shelter and owner-equivalent rent figures ease back from their spike in January, |
| 0:54.8 | easing some worries about upward trend in housing. |
| 0:57.8 | Economist Joseph Brasuelis says the January move was likely seasonal noise rather than a signal of a new trend. |
| 1:04.5 | And he also noted services up 0.5% following the 0.7% in January, |
| 1:09.9 | saying it's sticky and stubborn but does not denote a major risk of a sustained move higher in inflation. |
| 1:16.0 | The report had little impact on Fed expectations. |
| 1:19.0 | The March decision next week is already a foregone conclusion of inaction according to the markets |
| 1:24.2 | June is still priced in for the first rate cut. |
| 1:26.9 | Skyler Wienin, chief investment officer Reagan Capital, says the June meaning looks like a coin flip. The last mile of price |
| 1:34.9 | stability is proving to be the hardest and with the economy running so strongly |
| 1:38.7 | currently it's difficult to justify any rate cuts this year. Still the Fed is likely to cut interest rates one or two times this year as an acknowledgement that inflation has meaningfully decelerated, even if it's not quite fully back to its 2% target. |
| 1:53.0 | Markets saw a lot of mourning volatility as traders digested the CPI minutia. |
| 1:58.0 | Stock bull seemed to have gotten the upper hand for now, with the SMP 500 and NASDAQ rallying up 1% or more. Equity investors |
| 2:06.1 | could be enthused by the super core CPI rate, which is the core |
... |
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