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Expect the S&P 500 to drop at least 2% should the year-over-year inflation rate come in above the previous reading of 6%, Flood wrote in a note Tuesday. But stocks are likely to go higher, he says, if CPI meets or trails 5.1%, which happens to be the consensus estimate from economists in a Bloomberg survey.
S&P/ASX 200 Index (ASX: XJO) shares could see some big moves higher or lower tomorrow, depending on this key US inflation figure.
Spot gold rose 0.8% to $2 020.08 an ounce.
The Fed’s closely watched core CPI measure is expected to accelerate in March, bolstering the case for further rate rises.
Inflation rose by 5% in March, its lowest level in nearly two years, as the Federal Reserve weighs whether it will need to continue hiking interest rates.