LOOK AHEAD: US Macro Week Ahead: CPI/PPI Reports, Warsh Testimony, Retail Sales
Jul-10 20:47
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BOC: MNI BoC Review-Jun 2026 - Retaining Message Of Flexibility
Jun-10 20:22
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IRAN: *IRAN SAYS NO DEAL CAN BE REACHED THROUGH THREATS OR FORCE: IRNA
Jun-10 20:15
*IRAN SAYS NO DEAL CAN BE REACHED THROUGH THREATS OR FORCE: IRNA
US DATA: Housing, Car Insurance Contribute Bulk Of Core Disinflationary Impulse
Jun-10 20:11
Core CPI's pullback in May to 0.21% M/M from 0.38% prior was driven by a reversion in housing inflation, as fully anticipated given April's methodologically-driven upward distortion.
- Housing contributed 0.09pp less to overall core CPI in May than it did in April, more than half of the overall 0.17pp deceleration.
- With core services and goods each decelerating, both contributed a disinflationary factor to May's print: core goods subtracted 0.03pp from core CPI (largely new cars and medical care commodities), for a 0.04pp "swing" lower.
- As noted, housing drove the bulk of the 0.16pp swing downward in core services CPI (the aggregate doesn't add up cleanly in the table due to rounding errors stemming from some of April's outsized prints). Also helping was lodging (contributing 0.01pp to overall core M/M CPI after 0.04pp in April) and auto insurance's biggest monthly decline since October 2020 (-0.06pp after 0.00pp), helping offset an upswing in medical services (0.05pp after 0.00pp).
