January 12, 2023

CPI DATA GIVES AMMUNITION TO BOTH BULLS AND BEARS

By Nigam Arora & Dr. Natasha Arora

To gain an edge, this is what you need to know today.

Consumer Price Index 

Please click here for a chart of S&P 500 ETF (SPY) which represents the benchmark stock market index S&P 500 (SPX).

Note the following:

  • CPI data is giving ammunition to both bulls and bears.  Here are the details:
    • Headline CPI came at -0.1% month-over-month vs. 0.0% consensus.
    • Core CPI came at 0.3% month-over-month vs. 0.3% consensus.
  • Stock market bulls are encouraged because for the first time in a while, the headline CPI is a negative number.
  • Stock market bears are encouraged because core service inflation is not coming down.
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