US inflation report could temper June cut expectations
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European markets have started the day on a solid footing, with rebounding throughout the region despite potential US-focused ahead of today's inflation data and FOMC minutes. The RBNZ decision to keep rates steady came as no surprise, and their steadfast approach to driving down inflation stands them in stark contrast to those banks signalling potential action in the coming months. US inflation looks to provide a significant hurdle for markets today, with expectations of an uptick in headline CPI signalling the growing likeliness that we will see the Fed push back against expectations of a June rate cut. Between a strong US economy, strong jobs, and elevated inflation rate, there is little surprise that we are seeing markets gradually temper their expectations for a June rate cut from the Fed.
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