March CPI Inflation Data Is Good, But Is It Good Enough?
Morning Tendies
April 13, 2023
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It’s Thursday, almost the weekend. Let’s go:
Market Overview 📈
March CPI Data Below Expectations ⬇️
What Else is Happening 🔮
Tendie Time 🍗
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Market Overview 📈
Market Movers:
4/12/2023
Earnings 💰
Before Market Open:
Delta Airlines $DAL
EPS estimate $0.32
Revenue estimate $12.05B
Fastenal $FAST
EPS estimate $0.49
Revenue estimate $1.85B
Infosys Tech $INFY
EPS estimate $0.19
Revenue estimate $4.74B
Progressive $PGR
EPS estimate $1.46
Revenue estimate $15.72B
Economic Calendar 🏛
8:30 AM - March PPI Inflation Data
PPI, Producer Price Index, measures the average change over time in the selling prices received by domestic producers for their output.
The PPI is a measure of wholesale inflation.
Previous was 4.6%
Expectation (as of 4/09/2023) is 3.1%
8:30 AM - Jobless Claims
Initial Jobless Claims measures the number of individuals who filed for unemployment insurance for the first time during the past week.
Previous was 228k
Expectation is 205k
March CPI Data Below Expectations ⬇️
*Abracadabra… Inflation be gone-o*
Is the Fed’s plan finally working?
March CPI Inflation Data is in and here are the results:
March CPI shows inflation rises at 5.0%, below 5.2% expectation
Core CPI shows core inflation rises at 5.6%, in-line with 5.6% expectation
Inflation fell 100 basis points, from 6.0% to 5.0%, in March. This is the biggest drop in the inflation rate over the course of a month since April 2020.
We covered it also in yesterday’s edition, but it seem like the monetary policy is working. Data is good, and officials are starting to believe we can bring down inflation in a reasonable time frame.
What Else is Happening? 🔮
🏦 Deposits at JPMorgan Chase, Wells Fargo, and Bank of America are expected to have dropped $521 billion from a year earlier. This decline includes $61 billion just in the first quarter and is the most in a decade.
🔱 Triton International to be acquired by Brookfield Infrastructure for $13.3 billion. Triton International said Brookfield Infrastructure will pay $85 per common share including $68.50 in cash and $16.50 in exchangeable shares.
🍺 Bud Light sales in one store dip 25% after influencer campaign gone wrong. Anheuser Busch’s stock is down over 5% in the past five days as backlash continues.
✈️ American Airlines falls after updated profit outlook falls short of expectations for the first quarter. American said its expected earnings per share of 1 cent - 5 cents Q1, below analyst project of 5 cents.
Tendie Time 🍗
The Best Roundup of Random Stuff from Around the Web:
🗣 Teaching ChatGPT to speak my son’s invented language - Medium
🏥 I’m an ER doctor: Here’s what I found when I asked CHatGPT to diagnose my patients - Medium
🌉 San Fransico is Collapsing - Morning Tendies
Quote of the Day:
“There is no better teacher than history in determining the future… There are answers worth billions of dollars in $30 history book”
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