CPI Data Comes Out Hot 3rd Straight Month

US PPI/CPI data | Meta's new custom AI chip |

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The One Read
April 11, 2024

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Market Headlines 👀 

  • US PPI (Price producer index) came in at 2.1% YoY for March; est: 2.2%.

  • US CPI (consumer price index) came in at 3.5% YoY for March; est: 3.4%.

  • Apple (AAPL) is planning to roll out new M4 AI chips across its Mac line of PC’s and laptops by the end of 2024.

  • Microsoft (MSFT) company plans to unveil new AI tools and features at its annual build conference next month.

  • Meta Platforms (META) shared details about its internal AI chip “Artemis” a chip company has been developing to power its AI products.

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S&P 500 Heatmap 🔥 

Recap Around the Street 🧠

March CPI came in hotter than expected driven by gasoline, shelter, and services (mainly medical and motor insurance). The latter can be explained away as the very tip of the covid bullwhip with higher premiums reflecting higher loss ratios (it’s more expensive to repair stuff). PPI will have a more direct read through to PCE which is what the Fed focuses on. Shelter has a smaller component and medical costs are based on Medicare reimbursements rather than private sector experience. (Contributed by Benjamin Lavine, CIO at Freedom Investment Management).

Source: Bloomberg

Market Preview 🎞️

  • Friday, April 12th: University of Michigan, sentiment and inflation expectations

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