"A Goldilocks Scenario": CPI Preview And Market Scenario Analysis From JPM And Goldman

Judging by the market's lack of interest in either today's PPI print or the Fed Minutes, both of which barely failed to register, it is probably safe to assume that tomorrow's CPI print will be another nothingburger, especially since the market is now largely convinced that the Fed's hiking cycle is over (and the only question is when the rate cuts begin).

Still, considering the 6-sigma beat to expectations by Biden's Department of Goalseeking Strong but Fake Data Which Is Then Revised Lower One Month Later in last Friday's jobs print, one can't ignore the risk of some blowout surprise as Biden seeks to impress the gullible "lowest common denominator" minority with how "strong" the economy is, or how far inflation has fallen (spoiler alert: inflation will not fall until the market crashes, and until then it will print a new record high every month). As such, it makes sense to look at what markets expect tomorrow at 8:30am. So here goes...

Consensus expects that in September inflation continued its decline on both an annual and sequential basis: