Inflation shows little tariff impact
Wall Street Breakfast
Seeking Alpha
3.8 • 950 Ratings
🗓️ 13 May 2025
⏱️ 6 minutes
🧾️ Download transcript
Summary
Show Notes
Goldman Sachs boosts
S&P target in wake of tariff détente
Episode transcripts: seekingalpha.com/wsb
Sign up for our daily newsletter here and for full access to analyst ratings, stock quant scores, dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis. |
| 0:09.9 | Good afternoon. Today is Tuesday, May 13th, and I'm your host, Kim Khan. Our top story so far. |
| 0:15.9 | Inflation stays on the doveish side, but markets are hesitant to act amid another shift in the trade landscape. |
| 0:21.7 | The April Consumer Price Index rose 0.2%, better than the 0.3% consensus, but rising from down |
| 0:28.3 | 0.1% in March. On a year-over-year basis, the inflation measure increased 2.3%, less than the 2.4% |
| 0:35.2 | consensus, and slowing from the 2.4% pace in the previous month. |
| 0:39.3 | It was the smallest 12-month increase since February 2021. |
| 0:43.1 | Core CPI rose 0.2% versus the 0.3% consensus and 0.1% prior. |
| 0:48.8 | That translated to 2.8% year-on-year, in line with consensus estimates and unchanged from March's pace. |
| 0:55.3 | BlackRock's Rick Reader says, while rapidly evolving tariff news has shocked markets in recent |
| 0:59.7 | weeks and months, and economic survey data has been notably weak, we have get to witness |
| 1:04.0 | significant influences from tariffs on the inflation data. Indeed, CEO confidence has dropped |
| 1:09.3 | to its lowest levels since 2013, and we have seen |
| 1:12.0 | metrics for worse financial conditions and economic policy uncertainty reached some of their |
| 1:16.5 | highest levels since the 1990s and 2000s, respectively. But the hard economic data, whether on labor |
| 1:22.3 | or inflation, still appears resilient. Panthean macroeconomist Samuel Toombs notes that tariffs have actually caused some disinflation, |
| 1:30.3 | as the uncertainty and drop in consumer confidence generated by the tariffs has weighed on prices for discretionary services. |
| 1:36.3 | The bond market was fairly noncommittal, with the 10-year yield moving above and below 4.48%. |
| 1:42.3 | The market is still pricing into Fed rate cuts of 25 basis points |
| 1:45.8 | this year, with the first coming in September. Skyler Wynon, CIO of Reagan Capital, says, |
| 1:51.6 | while we recognize that the economic data right now is being parsed through the lens of tariffs, |
| 1:55.8 | we will soon be in an environment where the Fed focuses solely on inflation and employment data |
... |
Transcript will be available on the free plan in 27 days. Upgrade to see the full transcript now.
Disclaimer: The podcast and artwork embedded on this page are from Seeking Alpha, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Seeking Alpha and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.