Trends in CPI
After a period of strength relative to the core inflation rate, the headline CPI has converged to the core CPI on a year over year basis. Although high, the weaker tone in gasoline prices should help to put some pressure on inflation. Likewise, the recent sell off in livestock prices may help to ease food inflation. Note the Smuckers cut its coffee prices today. However, the core inflation rate has not moved lower and shows a steady uptrend. Both measures are above the 10 year treasury yield on a year over year basis and highlight the treasury market is poorly valued.
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*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
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