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Making sense of the markets this week: May 14, 2023
– moneysense.ca
Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines and offers context for Canadian investors.
U.S. Inflation continues to move in the right direction
Despite the strong April jobs report in the United States, overall inflation continued to trend downward in March. Wednesday’s U.S. Labour Department report revealed that the Consumer Price Index (CPI) rose 0.4% from April and increased at an annualized rate of 4.9%. This less inflationary figure was welcomed by macroeconomic policy watchers as it was slightly below the predicted 5% inflation rate. The lowered inflationary momentum is evidence that markets are moving back towards more of a balance between supply and demand.
That said, the inflation news isn’t all positive. Continuing the recent trend, core inflation (that is, excluding food and energy) is up 5.5% from a year ago. With core inflation still coming in far above the 2% target, there will no doubt be more debate over what moves the Federal Reserve should make next…
