CPI Preview: Everyone Expects A Light CPI Print, Resulting In A September Rate Cut

With Nick Timiraos having published not one but two September rate cut previews in 24 hours, just as we expected Nikileaks would do as he follows the bidding of his Fed sources...

The answer: 3 weeks.

Powell will now use July FOMC to inform market Sept rate cut is a lock. https://t.co/7hTsZWU15Q pic.twitter.com/m9FICG60Eg

— zerohedge (@zerohedge) July 7, 2024

... the writing is on the wall: while the Fed may not cut at the July FOMC meeting, it will make it abundantly clear that a cut in September is assured. Which also means that tomorrow's CPI number is virtually assured to come in line or just below estimates. It's also why after coming in hotter than expected much of early 2024, tomorrow's core CPI print will be the third consecutive miss to consensus estimates.