Mixed markets leading into today’s U.S. CPI print, which is a key input for the Fed and accordingly the USD. The expectation is that headline softens to 1.6%y/y while core is stable at 1.7%. This is the September print, which is too early to be impacted by the recent suggesting that 13% drop in oil prices; but oil prices were already down 16% from their June $108 high and this will help to suppress headline. The take‐away is likely to be that inflation in the U.S. is well contained
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