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Investing.com – CPI data, released today, marked a positive turn in the path of the benchmark as inflation slowed to 5.00%, down from a 6.00% advance previously.
Fed member, Parkin, commented on the data, saying that it came very close to expectations, but he stressed the need to pay attention to the core consumer price index, which rose by 5.6%, up from 5.5% in the previous reading, commenting that there is still a lot of work to be done. .
Barkin said he is noticing a clear decline in demand, and Barkin said he is noticing a “lag” in the reflection of events on the data and that he is looking forward to the May data more and focusing with it.
The truth is that we have already passed the peak of inflation, however we still have time before it drops significantly towards our target.
On interest rates, Barkin said, the Fed takes data one at a time well. And that he personally considers the labor market, the level of demand and inflation in his interest decision.
Parkin cited the decrease in credit card spending as evidence of a decline in demand.
Barkin made it clear that in order to bring down inflation back towards the Fed’s target, you have to maintain monetary tightening for months before that happens, and we don’t have to announce our success in breaking inflation earlier than we have to.
Barkin noted that data will be released on Friday and that it will be very important for the Fed at its next meeting.
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Expectations of a 25 basis point Fed rate hike bounced back strongly after Barkin’s comments, to 72% on the rate hike side, up from 68% a while ago.
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Earnings shrank strongly in line with the comments, regressing from rising by more than a full point to rising by just 0.10% now for futures.
Futures contracts are now recording $ 2021.10 an ounce, up by 0.10%, while the profits of spot contracts shrank to 0.14%, to record $ 2006.14 an ounce, and the American is still down by 0.64% against a basket of foreign currencies.
And it records a decrease of 0.41%, while it declines by 0.15%, and Alda Jones settles at 33,692.94 points now, without any significant movement since the opening.
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