Morning Note | September 13, 2023 | Hotter Than Expected Core

Summary

• August CPI rises 0.6% on the headline and 3.7% from a year ago, slightly above consensus.

• Core CPI rises 0.3% and 4.3%, slightly higher than estimated.

• Fed Fund futures show a 94% chance that the Fed does nothing next week and a 55% chance of a 25 bps increase in November.

• CCIF increased by 80%, BSL, BGB, and BGX increased mid-single digits.  EIC in…