SPY - June CPI Report On Traders' Radar: Analysts Predict S&P 500 Move For Thursday Under Different Inflation Scenarios (CORRECTED) | Benzinga
Editor’s note: The story has been updated to reflect that the CPI data is due on Thursday.
The all-important consumer price inflation report for June – one of the important reports due before the Federal Reserve’s July 30-31 monetary policy committee meeting – is expected on Thursday.
What Happened: Economists, on average, expect June’s headline monthly consumer price inflation rate at 0.1%, a slight tick up from unchanged prices in May. Annually, the CPI inflation may have slowed from 3.3% to 3.0%.
The core consumer price index, which strips off volatile food and energy prices, is expected to have risen 0.2% month-over-month and 3.4% year-over-year, essentially unchanged from corresponding May readings.
Inflation data is market-moving, given the implications it has for the Fed funds rate. Fed officials, including Chair Jerome Powell, haven’t yet declared victory on inflation despite the pricing pressure thawing from a 9%+ level in June 2022. That said, inflation continues to hold stubbornly above the central bank’s 2% threshold.
In prepared remarks, delivered as part of his semi-annual monetary policy testimony before Congress on Tuesday, Powell said, “We do not expect it will ...