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The CPI data is unlikely to move the needle Federal Reserve policy makers, argued Seema Shah, chief global strategist at Principal Asset Management, in emailed comments. As a result, the question of whether another rate hike will be needed remains open. 'After the shock and awe of last week’s jobs report, today’s CPI print is reassuringly uneventful.
With core CPI in line with expectations and extending the disinflation narrative, there is nothing in the inflation report that should sway the Fed in one direction or the other,' she wrote. 'Indeed, while inflation is slowly edging lower, the strong labor market means that the threat of inflation resurgence cannot be ignored, keeping the Fed on its toes. The question around whether or not there will be one more interest rate hike is yet to be answered,' Shah said.
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