<p>如果你錯過了：美國四月消費者物價指數（CPI）同比增長 3.8%，預期為 3.7%</p>
<p>由於能源價格上漲，頭條通脹再次上升並不令人意外。然而，核心價格也出現上漲，尤其是住房價格在本月重新加速上漲。但即便如此，其他更廣泛類別的價格壓力也推動了核心通脹的上升。</p>
<p>那麼，我們如何看待最新的美國 CPI 快照？CIBC 指出：</p>
<p><em>&#34;四月份美國的價格壓力非常高，頭條 CPI 按月上漲 0.6%，符合市場共識的預期。這反映了汽油價格的再次大幅上漲和食品價格的回升，使得年增長率達到 3.8%，高於上個月的 3.3%。油價衝擊對核心要素的初步影響顯現，剔除食品和能源的指標按月上漲 0.4%（預期為 0.3%），機票價格大幅上漲，而一些受關税影響的類別如服裝也推動了上漲，使年增長率達到 2.8%。</em></p>
<p><em>這些數據僅顯示了油價衝擊對核心組成部分的初步影響，預計年通脹在五月將進一步上升，這將使美聯儲在油價持續下降的跡象出現之前保持觀望。</em></p>
<p>他們的預測與當前市場定價相符，預計年內不會有利率變動。儘管油價持續上漲，並且我們看到這種情況滲透到通脹壓力中，市場參與者仍然不太相信美聯儲必須立即轉向加息。</p>
<p>至於 CIBC 的預測，它與他們的預期一致，即美聯儲不太可能在通脹穩固下降至 2% 閾值或失業率接近 5% 之前採取行動。</p>

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<p>美國 4 月消費者物價指數（CPI）同比上漲至 3.8%，略高於預期的 3.7%，主要受到能源價格上漲和住房成本重新加速的推動。核心通脹也有所上升，剔除食品和能源的核心指標環比上漲 0.4%。CIBC 建議，通脹在 5 月將繼續上升，這將使美聯儲保持觀望，直到油價顯著下降。市場預期顯示，年內不會有利率變化，因為美聯儲不太可能在通脹接近 2% 或失業率接近 5% 之前採取行動</p>

<p>In case you missed it: US April CPI 3.8% y/y vs 3.7% expected</p>
<div class="lb-trans"><p>如果你錯過了：美國四月消費者物價指數（CPI）同比增長 3.8%，預期為 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>由於能源價格上漲，頭條通脹再次上升並不令人意外。然而，核心價格也出現上漲，尤其是住房價格在本月重新加速上漲。但即便如此，其他更廣泛類別的價格壓力也推動了核心通脹的上升。</p>
</div><p>So, what can we make of the latest US CPI snapshot? CIBC notes that:</p>
<div class="lb-trans"><p>那麼，我們如何看待最新的美國 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;四月份美國的價格壓力非常高，頭條 CPI 按月上漲 0.6%，符合市場共識的預期。這反映了汽油價格的再次大幅上漲和食品價格的回升，使得年增長率達到 3.8%，高於上個月的 3.3%。油價衝擊對核心要素的初步影響顯現，剔除食品和能源的指標按月上漲 0.4%（預期為 0.3%），機票價格大幅上漲，而一些受關税影響的類別如服裝也推動了上漲，使年增長率達到 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>這些數據僅顯示了油價衝擊對核心組成部分的初步影響，預計年通脹在五月將進一步上升，這將使美聯儲在油價持續下降的跡象出現之前保持觀望。</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>他們的預測與當前市場定價相符，預計年內不會有利率變動。儘管油價持續上漲，並且我們看到這種情況滲透到通脹壓力中，市場參與者仍然不太相信美聯儲必須立即轉向加息。</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>至於 CIBC 的預測，它與他們的預期一致，即美聯儲不太可能在通脹穩固下降至 2% 閾值或失業率接近 5% 之前採取行動。</p>
</div>

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

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儘管美國四月份通脹上升，美聯儲仍然保持觀望 - 加拿大帝國商業銀行