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Israel-Iran tensions escalate, and the US and Israel discuss retaliation against Iran. As US September CPI surpasses expectations, the rate-cut pace may slow down...
The Consumer Price Index (CPI) rose 0.2% month-on-month (m/m) in September, a tenth of a percentage point (pp) above the consensus forecast. On a twelve-month basis, CPI fell to 2.4% (from 2.5% in August).
Energy prices (-1.9% m/m) were again a drag on headline inflation, almost entirely driven by a pullback in gasoline prices (-4.0% m/m). Conversely, food prices sharply accelerated last month, rising 0.4% m/m – its strongest monthly gain since January.
Excluding food and energy, core prices rose 0.3% m/m, as it did the preceding month. The twelve-month change ticked up 0.1pp to 3.3%, while the three-month annualized rate rose to 3.1% (from 2.1% in August).
Price growth on core services rose a “soft” 0.4% m/m (0.38% m/m unrounded), in line with August’s gain.
Primary shelter costs were up 0.3% m/m, following a gain of 0.5% m/m in August. The deceleration was driven by a slowing in both Owners’ Equivalent Rent (to 0.4% m/m from an outsized gain of 0.5% m/m in August) and Rent of Primary Residence (0.3% from 0.4% m/m). Over the last twelve months, primary shelter costs are up 5.1%, well off their 2023 highs of over 8% but still a few percentage points above the pre-pandemic pace of growth when inflation was running closer to 2%.
Non-housing services inflation (aka “supercore”) rose by 0.4% m/m, also matching last month’s gain. The continued strength was primarily driven by another strong advance in vehicle insurance (+1.2% m/m), airline fares (+3.2% m/m) and medical costs (+0.7% m/m).
Core goods prices ticked higher by 0.2% m/m, with higher apparel (+1.1% m/m) and new (+0.2% m/m) and used (+0.3% m/m) vehicle prices all contributing to September’s uptick.
This morning’s CPI report showed little progress on the inflation front in September. Even with some cooling in shelter costs, service prices remained elevated, while core goods added to overall inflationary pressures (a first in seven months), pushing the three-month annualized rate up to 3.1% – the firmest pace of price growth since May.
With progress on the inflation front stalling and last week’s employment report still showing a relatively sturdy labor market, the Fed is likely to slow the pace of rate cuts next month and deliver two additional quarter-point cuts by year-end. While further cuts are in the pipeline for 2025, the Fed will remain data dependent as they continue to adjust the policy rate lower.
Global Markets: Considering the disappointing CPI data yesterday, it is a slight surprise to see US Treasury yields heading lower again, though they had risen a fair bit in recent days, so perhaps yesterday's moves reflected a bit of re-positioning. Various Fed officials shrugged off the CPI data, though Raphael Bostic said he was comfortable skipping a meeting if the data suggested that was appropriate. 2Y yields fell 6.4 basis points. The 10Y Treasury yield only fell 1.2bp to 4.061%. EURUSD tested the downside at 1.09 yesterday, but partially recovered to 1.0933, only slightly down on the day. The AUD actually rose slightly to 0.6741, though Cable was also lower at 1.3057 and the JPY managed to make some gains, as USDJPY declined to 148.61. There was a similarly mixed picture for other Asian currencies yesterday. The SGD and CNY both followed the AUD and JPY stronger. But most SE Asian currencies lost between a quarter and half a per cent against the USD on Thursday. US stocks were slightly lower yesterday. But it was another good day for Chinese stocks as optimism again rose ahead of tomorrow's Ministry of Finance statement.
G-7 Macro: US September CPI was higher than expected on both core and headline measures. The headline index rose 0.2% MoM, (0.1% expected), and this meant that inflation only fell to 2.4% YoY (from 2.5%). The core measure rose 0.3% MoM, and the core inflation rate actually rose to 3.3% YoY from 3.2%. There is lots of detail and nuance to this report as well as some weaker weekly jobless claims figures to throw into the mix, and James Knightley’s note goes into all the gory details.
We also got minutes of the ECB’s September meeting yesterday. Carsten Brzeski pulls these apart in his note, where he lays out the risks to the October rate cut thesis.
Today’s data includes the US September PPI numbers, some of which could be important for the upcoming PCE inflation release. We also have University of Michigan consumer confidence data. The UK releases a barrage of activity and trade data today.
South Korea: The Bank of Korea meets today and the market is widely expecting the BoK to cut by 25bp. Inflation eased to 1.6% YoY in September, below the BoK's 2% target for the first time since March 2021. The housing market in the Seoul metropolitan area seems to be gradually cooling down thanks to tighter mortgage rules and other home purchase measures. These two factors support the BoK's easing. However, the BoK communications should remain hawkish and not commit to further rate cuts.
Although the market consensus is for a 25bp cut, there is a slight chance that the BoK could surprise the market with a hold decision. The BoK may worry that the Middle East conflict could push up inflation again and signs of a cooling housing market may not be strong enough for the Bank to move.
Exxon is planning to increase its crude oil production offshore Guyana by 18,000 barrels daily, Bloomberg has reported, citing a senior company executive.
The output increase will come from the Unity platform, whose capacity would be ramped up to 270,000 bpd from 252,000 bpd currently, Exxon country manager Alistair Routledge said. He added, however, that the final go-ahead of the production increase would come from the Guyanese government, after Exxon and the authorities agree on risk assessment, analysis, and modeling.
“We won’t increase any production until everybody is satisfied that we’ve done the right work,” Routledge told media.
Exxon is currently producing a total of 665,000 barrels of crude daily in Guyana but over the longer term eyes production of over 1 million bpd. Total oil production in the country is seen rising to over 1.6 million barrels daily by 2030, as the government seeks to maximize returns from the industry before the predicted demand growth peak. If the peak demand predictions fail to materialize, the outlook for Guyana’s oil industry is even brighter.
The only production in the country comes from the Stabroek block, which is managed by a consortium led by Exxon, and also including Hess Corp. and China’s CNOOC. Since the first struck oil in the block, the three have tapped total reserves estimated at over 11 billion barrels of crude, turning Guyana into the new star on the global oil scene.
So far, the consortium has done six production projects in the country and is now working on the seventh one, set to submit its development plan to the Guyanese authorities early in 2025. That seventh project should be completed by 2029 and boost Guyana’s oil production capacity to 1.4 million barrels daily. That project, Hammerhead, will produce between 120,000 bpd and 180,000 bpd when it starts.
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