{"id":235879,"date":"2024-04-11T12:44:36","date_gmt":"2024-04-11T16:44:36","guid":{"rendered":"https:\/\/aptuscapitaladvisors.com\/?p=235879"},"modified":"2024-04-11T12:44:36","modified_gmt":"2024-04-11T16:44:36","slug":"transitory-disinflation","status":"publish","type":"post","link":"https:\/\/aptuscapitaladvisors.com\/transitory-disinflation\/","title":{"rendered":"Transitory Disinflation"},"content":{"rendered":"<p>US inflation topped forecasts for a third straight month.\u00a0 Both the\u00a0Core and the Headline consumer price index increased 0.4% from February.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-235880\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/04\/YoY-CPI-Supercore_Stifel-4.10.24.png\" alt=\"\" width=\"809\" height=\"423\" \/><em>Source: Stifel as of 04.10.2024<\/em><\/p>\n<p>&nbsp;<\/p>\n<p><u>March CPI:<\/u><\/p>\n<ul>\n<li>Headline: +0.4% (Exp: +0.3%)<\/li>\n<\/ul>\n<ul>\n<li>Core: +0.4% (Exp: +0.3%)<\/li>\n<\/ul>\n<p><u>YoY:<\/u><\/p>\n<ul>\n<li>Headline: +3.5% (Exp: +3.4%)<\/li>\n<\/ul>\n<ul>\n<li>Core: +3.8% (Exp: +3.7%)<\/li>\n<\/ul>\n<p>From a year ago, Core CPI advanced 3.8%, holding steady from the prior month. Supercore inflation (services ex-energy and housing), closely watched by the Fed, rose for a fifth straight month.<\/p>\n<p>&nbsp;<\/p>\n<h5><strong>Market Response<\/strong><\/h5>\n<p>&nbsp;<\/p>\n<p>After the report, the curve saw rates pop over 20bps, with the 10-yr Treasury settling near 4.55%. Equity markets struggled as they priced in fewer rate cuts and the impact of a higher 10-yr Treasury rate. Stock-bond correlation was firmly positive, negatively impacting traditional asset allocations.<\/p>\n<p>&nbsp;<\/p>\n<h5><strong>Problematic Supercore CPI Acceleration<\/strong><\/h5>\n<p><strong>\u00a0<\/strong><\/p>\n<p>The \u201cSupercore\u201d inflation metric was created by the Bureau of Labor Statistics (BLS) at the behest of the Fed, to try and glean the potential \u201cpassthrough\u201d from the labor market into inflation given the noise from supply-side disturbances (both positive and negative). After the so-called Supercore inflation fell to 2.1% for several months last summer, the three-month growth of Supercore CPI is now up to a rate of 8.2% annualized rate in March.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-235881\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/04\/Supercore-Services_MKM-4.10.24.png\" alt=\"\" width=\"801\" height=\"478\" \/><em>Source: MKM as of 04.10.2024<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>This is the highest reading since the summer of 2022 which was right around the time the Fed began to lift short rates in 75 bps increments. The trend is uncomfortably higher.<\/p>\n<p>&nbsp;<\/p>\n<h5><strong>Core Inflation Components<\/strong><\/h5>\n<p>&nbsp;<\/p>\n<p>Notables:<\/p>\n<ul>\n<li>Funeral services rose 1.5% M\/M (actual, not annualized)<\/li>\n<\/ul>\n<ul>\n<li>Hospital services rose 1% M\/M with healthcare services firmer than expected<\/li>\n<\/ul>\n<ul>\n<li>Transportation prices were firm, with auto repair and insurance jumping 1.7% and 2.6%, respectively<\/li>\n<\/ul>\n<ul>\n<li>Shelter came in as expected at 0.4%<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-235882\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/04\/Notable-Core-Inflation-Components_Citadel-4.10.24.png\" alt=\"\" width=\"760\" height=\"943\" \/><em>Source: Citadel as of 04.10.2024<\/em><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<h5><strong>Silver Lining\u2026Goods Inflation Continues to Trend Lower<\/strong><\/h5>\n<p>&nbsp;<\/p>\n<p>Core goods prices declined -0.15% M\/M in March. We think this shows a mix of softening consumer demand (although arguably spending has just pivoted to services) and improving supply chains.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-235883\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/04\/Core-goods_BAML-4.10.24.png\" alt=\"\" width=\"727\" height=\"463\" \/><em>Source: BAML as of 04.10.2024<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>It does appear Core Goods can continue to help push the disinflation story a bit further.<\/p>\n<p>&nbsp;<\/p>\n<h5><strong>Looking Ahead<\/strong><\/h5>\n<p>&nbsp;<\/p>\n<p>The inflation comps in three of the next four months will be replacing low month-over-month growth rates from a year ago (red box in the graph below). As of now, the Cleveland Fed\u2019s CPI Nowcast puts April\u2019s month-over-month headline CPI growth at 0.34%. This would replace the 0.40% monthly growth rate from April 2023, meaning year-over-year inflation might decline a bit. May through July bring trickier Y\/Y comps.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-235884\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/04\/MoM-CPI_Bianco-4.10.24.png\" alt=\"\" width=\"827\" height=\"619\" \/><em>Source: Bianco as of 04.10.2024<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>Buckle up for the next several months, as we believe the market will continue to price a higher likelihood of no cuts in 2024 given the continued strength of the data (both economic and inflation).<\/p>\n<p>&nbsp;<\/p>\n<h5><strong>What\u2019s the Market Pricing?<\/strong><\/h5>\n<p>&nbsp;<\/p>\n<p>The odds of a rate cut at or before the Fed\u2019s June and July meetings slumped to 22% and 50%, respectively. Currently, futures imply just 47 bps of easing this year (&lt; 2 cuts).<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-235885\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/04\/Fed-funds-market-pricing_Bianco-4.10.24.png\" alt=\"\" width=\"780\" height=\"602\" \/><em>Source: Bianco as of 04.10.2024<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>The market is now pricing rates to remain comfortably above the Fed\u2019s recently communicated March DOT plot. Just 4 months ago the market was pricing in &gt;6 rate cuts in 2024\u2026boy, have the times changed!<\/p>\n<p>&nbsp;<\/p>\n<h5><strong>Bottom Line<\/strong><\/h5>\n<p>&nbsp;<\/p>\n<p>We see the current biggest risk to be that the Fed didn\u2019t raise rates high enough to break inflation, which could allow price pressures to become embedded into the economy. We don\u2019t see the risk of too much tightening, as the Fed can always quickly reverse course if needed.<\/p>\n<p>Based on the data, the Fed just doesn\u2019t have the justification to ease policy, given easy financial conditions and hot Supercore inflation. It would take a major financial disruption, or a material deterioration in labor market conditions (i.e., a more decisive rise in the unemployment rate and a material fall off in payroll growth).<\/p>\n<p>Ultimately, we don\u2019t believe there is a return to 2% inflation without markedly slower growth, no matter the read on any single month\u2019s inflation data.<\/p>\n<p>&nbsp;<\/p>\n<h5><strong>Disclosures<\/strong><\/h5>\n<p>&nbsp;<\/p>\n<p><em>Past performance is not indicative of future results. This material is not financial advice or an offer to sell any product. The information contained herein should not be considered a recommendation to purchase or sell any particular security. Forward-looking statements cannot be guaranteed.<\/em><\/p>\n<p><em>This commentary offers generalized research, not personalized investment advice. It is for informational purposes only and does not constitute a complete description of our investment services or performance. Nothing in this commentary should be interpreted to state or imply that past results are an indication of future investment returns. All investments involve risk and unless otherwise stated, are not guaranteed. Be sure to consult with an investment &amp; tax professional before implementing any investment strategy. Investing involves risk. Principal loss is possible.<\/em><\/p>\n<p><em>Advisory services are offered through Aptus Capital Advisors, LLC, a Registered Investment Adviser registered with the Securities and <\/em><em>Exchange Commission. Registration does not imply a certain level or skill or training. More information about the advisor, its investment <\/em><em>strategies and objectives, is included in the firm\u2019s Form ADV Part 2, which can be obtained, at no charge, by calling (251) 517-7198. Aptus <\/em><em>Capital Advisors, LLC is headquartered in Fairhope, Alabama. ACA-2404-22.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>US inflation topped forecasts for a third straight month.\u00a0 Both the\u00a0Core and the Headline consumer price index increased 0.4% from February. &nbsp; Source: Stifel as of 04.10.2024 &nbsp; March CPI: Headline: +0.4% (Exp: +0.3%) Core: +0.4% (Exp: +0.3%) YoY: Headline: +3.5% (Exp: +3.4%) Core: +3.8% (Exp: +3.7%) From a year ago, Core CPI advanced 3.8%, [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","inline_featured_image":false,"footnotes":""},"categories":[20,128],"tags":[84,53],"class_list":["post-235879","post","type-post","status-publish","format-standard","hentry","category-blog","category-bonds","tag-bonds","tag-cpi"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - 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