Rents hold the key in core inflation cooling and the Fed's rates moves - BNP Paribas [Seeking Alpha]
BNP PARIBAS SPONS ADR (BNPQY)
NASDAQ:AMEX Investor Relations:
invest.bnpparibas.com/en
Company Research
Source: Seeking Alpha
Investors have already been betting the Fed will issue fewer rate cuts this year than markets had anticipated heading into 2024. March's inflation report further stoked concerns about sticky inflation, with the core consumer price index rising 3.8% in March year over year, a faster acceleration than widely expected by economists. The shelter index showed housing costs were 5.7% pricier in March than a year earlier. The shelter index increased 0.4% on a monthly basis, the largest factor in the monthly increase in core CPI, the Bureau of Labor Statistics said. Housing market inflation is moderating but that's not assured, BNP Paribas said in a Thursday research note. It said its analysis suggests rent inflation will follow market rents and home prices lower this year. "Booming apartment construction" should contribute to an easing rent inflation landscape next year. But there are upside risks, including a jump in immigration and a tight sales market. "With limited help from goods p
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