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Investors got some encouraging news on inflation Friday with wholesale prices unexpectedly declining by 0.1% in December. The data follows the more widely followed consumer prices data Thursday, which came in modestly hotter than economists had forecasted, with prices up 0.3% on the month and 3.4% from a year ago.
“PPI affirms that December’s pickup in the CPI was likely a one-off,” said Bill Adams, chief economist for Comerica Bank. “The path continues to clear for the Fed to begin cutting interest rates in 2024 and to slow the pace at which they shrink their balance sheet.”
In the fourth quarter, the economy remained healthy, read a Thursday note from the firm. Unemployment remained low even as the labor market cooled, real wages rose, and consumer finances remained intact.
As such, UBS expects that company earnings will have risen 4% to 5% in the fourth quarter from the year-ago period, implying earnings beats of 3% to 5%. “Putting it all together, the macro data suggests a fine 4Q23 earnings season,” read the note.
Investors got some encouraging news on inflation Friday with wholesale prices unexpectedly declining by 0.1% in December. The data follows the more widely followed consumer prices data Thursday, which came in modestly hotter than economists had forecasted, with prices up 0.3% on the month and 3.4% from a year ago.
“PPI affirms that December’s pickup in the CPI was likely a one-off,” said Bill Adams, chief economist for Comerica Bank. “The path continues to clear for the Fed to begin cutting interest rates in 2024 and to slow the pace at which they shrink their balance sheet.”
In the fourth quarter, the economy remained healthy, read a Thursday note from the firm. Unemployment remained low even as the labor market cooled, real wages rose, and consumer finances remained intact.
As such, UBS expects that company earnings will have risen 4% to 5% in the fourth quarter from the year-ago period, implying earnings beats of 3% to 5%. “Putting it all together, the macro data suggests a fine 4Q23 earnings season,” read the note.
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