Developing subsequent: US CPI revisions and the Canadian jobs report

As we speak is actually the most-anticipated benchmark revision of an financial knowledge level I can bear in mind.

One cause for that’s that Powell himself highlighted its significance to policymakers after a big upward revision to 2022 numbers right now final yr (extra of what Powell stated about it here).

Studying by it would current some shifting components however the primary factor the market might be targeted on is how the y/y 2023 headline and core CPI numbers change. Larger readings might be seen as greenback optimistic and bond bearish. After that, I will be digging into the tenor of the monthy adjustments as a result of if larger CPI numbers are because of larger adjustments early in 2023, that might roll off rapidly.

The opposite foremost knowledge level is the Canadian jobs report, which can also be at 8:30 am ET. The consensus is for 15.0K new jobs and a tick up within the unemployment charge to five.9% from 5.8%. As at all times, watch the total/part-time breakdown.