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US ECONOMICS: Inflationary Pressures Build as Core CPI Expected to Rise 0.3% in April

05/11/2021 12:14

03:57 PM EDT, 05/11/2021 (MT Newswires) -- All eyes will be on the April consumer price index on Wednesday, especially the year-over-year increases. Both the core and the nominal are indicated to show substantial gains YoY with the nominal likely to jump to 3.6% from 2.6% prior, This would be the highest reading since 2011.

Also for Wednesday is the 10-year Treasury note auction (which could see demand detrimentally impacted by the CPI data), along with Fed chatter from Vice Chairman Clarida, voting member Bostic, and non-voting members Rosengren and Harker.

7am MBA mortgage applications -0.9% prior

8:30am April CPI MoM 0.2% est vs 0.6% prior, YoY 3.6% est vs 2.6% prior

8:30am April core CPI MoM 0.3% est vs 0.3% prior, YoY 2.3% est vs 1.6% prior

9am Fed vice chairman Richard Clarida speaks (voting)

9:05am Boston Fed president Eric Rosengren speaks (non-voting)

10:30am EIA petroleum status report: crude -2.10M est vs -7.99M prior, gas 0 vs 737K prior, distillates -1.50M est vs -2.896M prior

11:30am $35B 119-day CMB auction

1pm Atlanta Fed president Raphael Bostic speaks (voting)

1pm $41B 10-year Treasury note auction

1:30pm Philadelphia Fed president Patrick Harker speaks (non-voting)

2pm April Treasury budget statement -$207.9B est vs -$738.0B prior