Two inflation numbers land this week, four days before the Fed decides, and the market has already made up half its mind: fed funds futures put a quarter-point hike on September 16 at about 60%. Producer prices come Thursday, consumer prices Friday. Both are expected to rise 0.4% for August, which would leave the headline consumer rate at 3.4% for a sec…
Inflation week: the market prices a 60% Fed hike, our structural monitor reads 49 and flat
The pressure is oil, not wages, and bonds have already paid for it
