Headline CPI Cools More Than Expected But Real Wages Continued To Tumble

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The first of this week’s big event risks has arrived and while the world and his pet rabbit is focused on the number’s potential for ‘dovishness’, bear in mind that expectations are for a 0.3% MoM (month over month) rise and 7.3% YoY (year over year) rise (which while ‘slowing’ remains extremely high by any standards).

The bank’s CPI forecasts were all in sync:

  • 7.2% – Barclays
  • 7.2% – Credit Suisse
  • 7.2% – Goldman Sachs
  • 7.2% – Bloomberg Econ
  • 7.2% – Citigroup
  • 7.2% – Morgan Stanley
  • 7.2% – Wells Fargo
  • 7.3% – HSBC
  • 7.3% – JP Morgan Chase
  • 7.3% – UBS
  • 7.3% – Bank of America
  • 7.4% – SocGen