<p>如果你错过了：美国四月消费者物价指数（CPI）同比增长 3.8%，预期为 3.7%</p>
<p>由于能源价格上涨，头条通胀再次上升并不令人意外。然而，核心价格也出现上涨，尤其是住房价格在本月重新加速上涨。但即便如此，其他更广泛类别的价格压力也推动了核心通胀的上升。</p>
<p>那么，我们如何看待最新的美国 CPI 快照？CIBC 指出：</p>
<p><em>&#34;四月份美国的价格压力非常高，头条 CPI 按月上涨 0.6%，符合市场共识的预期。这反映了汽油价格的再次大幅上涨和食品价格的回升，使得年增长率达到 3.8%，高于上个月的 3.3%。油价冲击对核心要素的初步影响显现，剔除食品和能源的指标按月上涨 0.4%（预期为 0.3%），机票价格大幅上涨，而一些受关税影响的类别如服装也推动了上涨，使年增长率达到 2.8%。</em></p>
<p><em>这些数据仅显示了油价冲击对核心组成部分的初步影响，预计年通胀在五月将进一步上升，这将使美联储在油价持续下降的迹象出现之前保持观望。</em></p>
<p>他们的预测与当前市场定价相符，预计年内不会有利率变动。尽管油价持续上涨，并且我们看到这种情况渗透到通胀压力中，市场参与者仍然不太相信美联储必须立即转向加息。</p>
<p>至于 CIBC 的预测，它与他们的预期一致，即美联储不太可能在通胀稳固下降至 2% 阈值或失业率接近 5% 之前采取行动。</p>

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<p>美国 4 月消费者物价指数（CPI）同比上涨至 3.8%，略高于预期的 3.7%，主要受到能源价格上涨和住房成本重新加速的推动。核心通胀也有所上升，剔除食品和能源的核心指标环比上涨 0.4%。CIBC 建议，通胀在 5 月将继续上升，这将使美联储保持观望，直到油价显著下降。市场预期显示，年内不会有利率变化，因为美联储不太可能在通胀接近 2% 或失业率接近 5% 之前采取行动</p>

<p>In case you missed it: US April CPI 3.8% y/y vs 3.7% expected</p>
<div class="lb-trans"><p>如果你错过了：美国四月消费者物价指数（CPI）同比增长 3.8%，预期为 3.7%</p>
</div><p>It was no surprise that headline inflation got another bump up on the back of higher energy prices. However, core prices were also seen moving up as shelter prices in particular reaccelerated on the month. But even with that aside, there were higher price pressures in broader categories that also moved the needle up for core inflation.</p>
<div class="lb-trans"><p>由于能源价格上涨，头条通胀再次上升并不令人意外。然而，核心价格也出现上涨，尤其是住房价格在本月重新加速上涨。但即便如此，其他更广泛类别的价格压力也推动了核心通胀的上升。</p>
</div><p>So, what can we make of the latest US CPI snapshot? CIBC notes that:</p>
<div class="lb-trans"><p>那么，我们如何看待最新的美国 CPI 快照？CIBC 指出：</p>
</div><p><em>&#34;Price pressures were red-hot in the US in April, with the headline CPI rising by a 0.6% m/m pace as expected by the consensus. That reflected another lofty increase in gasoline prices and a pickup in food, which left the annual pace at 3.8%, up from 3.3% in the prior month. The first signs of passthrough from the oil shock into core elements were on display, with the ex food/energy measure rising by 0.4% m/m (vs 0.3% expected), with airfares up strongly, while some tariff-exposed categories including apparel added to the upside, leaving the annual pace at 2.8%.</em></p>
<div class="lb-trans"><p><em>&#34;四月份美国的价格压力非常高，头条 CPI 按月上涨 0.6%，符合市场共识的预期。这反映了汽油价格的再次大幅上涨和食品价格的回升，使得年增长率达到 3.8%，高于上个月的 3.3%。油价冲击对核心要素的初步影响显现，剔除食品和能源的指标按月上涨 0.4%（预期为 0.3%），机票价格大幅上涨，而一些受关税影响的类别如服装也推动了上涨，使年增长率达到 2.8%。</em></p>
</div><p><em>This data only includes the first signs of broader spillover from the oil price shock into core components, and annual inflation is set to move higher in May, which will leave the Fed on the sidelines until there are signs of oil prices heading sustainably lower.&#34;</em></p>
<div class="lb-trans"><p><em>这些数据仅显示了油价冲击对核心组成部分的初步影响，预计年通胀在五月将进一步上升，这将使美联储在油价持续下降的迹象出现之前保持观望。</em></p>
</div><p>Their call fits with market pricing at the moment, with no rate changes expected until by year-end. Even as oil prices continue to ramp up and we're seeing that seep into inflation pressures, market players are still not all too convinced that the Fed has to pivot towards rate hikes just yet.</p>
<div class="lb-trans"><p>他们的预测与当前市场定价相符，预计年内不会有利率变动。尽管油价持续上涨，并且我们看到这种情况渗透到通胀压力中，市场参与者仍然不太相信美联储必须立即转向加息。</p>
</div><p>As for CIBC's call, it fits with their forecast that the Fed is unlikely to move until either inflation falls firmly towards the 2% threshold or unemployment approaches the 5% mark.</p>
<div class="lb-trans"><p>至于 CIBC 的预测，它与他们的预期一致，即美联储不太可能在通胀稳固下降至 2% 阈值或失业率接近 5% 之前采取行动。</p>
</div>

Fed still sidelined even as US inflation picks up in April - CIBC

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尽管美国四月份通胀上升，美联储仍然保持观望 - 加拿大帝国商业银行