Comment: May inflation surprise

In a murky environment, this week's inflation data was billed as crucial to providing clarity on the future direction of US interest rates in the months to come. By that logic, another hike in two weeks time is a certainty, with another probably following in August.


Inflation expectations are already high in the US. Median expectations pinned the monthly 'headline' CPI figure for May at 0.4%. These expectations proved to be correct. But the bad news came in the form of

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