MACROECONOMICS

Concerns about stagflation returning after last week's macro data

Prolonged persistent inflation, declining retail sales, mass layoff announcements... are signs of an economy that could become stagnant.

January CPI growth disappointed the market:

Headline CPI fell to +3.1% y/y, still higher than Wall Street's forecast (+2.9% y/y).

Core CPI remained unchanged from previous month: +3.9% y/y (lower than forecast 3.7% y/y). (Weekly CPI report from Viet Hustler).

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