Has the US already met its inflation target?

Friday 22nd December 2023

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Well, you could argue that if the US wants to get inflation down to 2% that its already there. Why? NAB’s Ray Attrill points out that the latest quarterly PCE read – the Fed’s preferred inflation measure – has been revised down to an annual figure that falls within their target range. The monthly number for November, out tonight, could well reinforce this argument and add more weight for rate cuts early in 2024. In other news, Joe Biden has been discussing increased tariffs on the import of EVs from China. Australia could feel the repercussions of that and could be one factor stopping the Aussie dollar reaching 70 US cents anytime soon. Today, Japan’s CPI and the latest revision to UK GDP. Just like the US numbers, could they also be a downward surprise and reopen recession speculation?

This is our last daily edition until January 10th, but this afternoon JBWeir’s Sally Auld gives her thoughts on where we’ve been this year and the prospects for 2024. To be listened to at your leisure over the Christmas break.

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