CPI

While the data team at Fundstrat looks at many measures of the economy, from a political perspective no measure is as significant as the Consumer Price Index (CPI). The CPI for April will be released on Wednesday morning at 8:30 before markets open.

When I worked on Capitol Hill the only measure of the economy that the press ever asked the House Member or Senator to comment on was the CPI.  It is easy for Members, reporters, and voters to understand, and of course is written into many laws and labor contracts with respect to pay increases.  While the Fed watches many indexes, they know that the one that gets the most attention from the non-financial press and legislators is the CPI. 

At the last post FOMC press conference the Chair made clear that an increase in rates was not on the table, he was noncommittal on when the central bank may start to reduce rates.  Chair Powell acknowledged a degree of surprise by the recent higher than expected CPI numbers.

Bottomline is that Wednesday will be a big day as the April CPI comes into focus.

SEC and crypto

Under the leadership of House Financial Services Committee Chair Patrick McHenry, the House voted 228 to 183 to void a rule issued by the SEC - Staff Accounting Bulletin (SAB) or SAB 121.  The actio...

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