Another US inflation surprise. Still transitory?

Wednesday 14th July 2021US inflation has surprised again. It was expected to ease back after the 5% jump last month, but this time its higher still. Phil Dobbie asks NAB’s Tapas Strickland whether this will be enough for the Fed to be forced into tapering sooner than intended, or is it still transitory? As luck would have it, Jerome Powell is talking to Congress later today, so maybe we’ll get an inkling of a change in timelines. Also today, decisions from RBNZ and the Bank of Canada, two central banks in more of a hurry than most. Plus, China’s trade numbers, the NAB business survey and the Bank of England’s stability review.

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