This morning brought the release of U.S. CPI for the month of December and this print came out amidst an intense focus on inflation.
After coming into 2021 at 1.4%, inflation continued to climb throughout 2021 to the point that it became problematic for the Federal Reserve’s loose money policy. As we open the door into 2022, inflation remains elevated and the Fed is now at the point in which they appear ready to begin tightening policy. The big question now is when does it start and by how much?
This morning’s CPI print came in at an annualized read of 7%, right in-line with expectations; and core CPI printed at 5.5% v/s a 5.4% expectation.Despite the massive inflation print, the US Dollar has fallen below support and now trades at fresh monthly lows with fresh two-month-lows now very nearby. This is likely because markets had become accustomed to strong beats on the headline figure and it seemed as though many were braced for a repeat again this morning.
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