US Rates: Breaking down the strong January inflation data

In this episode, we discuss our takeaways from the January inflation data and the broader outlook for inflation, growth, and rates markets. CPI, PPI and import price inflation all came in stronger than expected in January, even as retail sales data disappointed. We still look for inflation to cool gradually over time and stick with our call for the first rate cut to come in June. We like positioning for lower front-end real yields. Speakers: Phoebe White Michael Feroli This podcast was recorded on 16 February 2024. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.