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🇺🇸 Consumers called the Iran shock transitory. Wednesday's CPI is the verdict.
The day in view

🇺🇸 Consumers called the Iran shock transitory. Wednesday's CPI is the verdict.

Macro Soup Newsroom Macro Soup Newsroom 2 min read

The New York Fed's May consumer survey put 1-year inflation at 3.2%, down 0.4 percentage points despite Brent crude near $118/barrel. Wednesday's CPI print will show whether households read the Iran oil shock right.

Table of May CPI forecasts from banks showing headline and core m/m and y/y percentages with median values.
Nick Timiraos highlights May CPI estimates pointing to another hot headline print due to geopolitical factors but milder core measures. Source

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