Wall Street is bracing for a key inflation gauge that will once again test the markets.
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribestocks are "way too low." While China's economic struggles have battered its stock markets, the strategist added investors "should be looking long-term at China again, it's definitely investible.
Core inflation — which excludes volatile food and energy prices and seen as a better indicator of price trends — is expected to rise 3.7% year over year.. If February's data also surprises on the upside that could reignite investor fears that inflation remains sticky and the Fed could delay lowering rates.
"The February CPI report today probably will be better than January's, because we expect smaller increases, or even outright declines in some of the components which caused trouble at the turn of the year," Pantheon Macroeconomics wrote in a note. "But the consensus forecast for today's core numbers is a solid 0.3% — only nine of the 62 forecasts in the Bloomberg survey was 0.4% — and markets will be unhappy at an overshoot."
Last week, Fed Chair Jerome Powell said the central bank is "not far" from cutting rates, but he reinforced the need for greater confidence that inflation is easing.
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