Here's Why Markets Are Shrugging Off the CPI Report
Today's inflation report was a positive one for Wall Street—but professional investors say it is too soon to gauge how President Trump's trade policy has impacted prices.
'Bottom line, this was a good inflation report,' Peter Boockvar, the chief investment officer of Bleakley Financial Group, wrote in a morning note. 'But this does not really capture yet the response to tariffs.'
Skyler Weinand, chief investment officer at Dallas-based Regan Capital, put it this way: 'Until tariffs are reduced to zero, inflation will present itself and creep into consumer prices and eventually interest rates…The administration is merely trying to tiptoe back into the arena of 'do no harm' for the foreseeable future and to let the market do its thing.'
'Not only is the April CPI report unlikely to have fully captured the tariff impact post-Liberation Day, but inflation numbers will now be further whipsawed by the US/China trade truce announcement,' wrote Seema Shah, chief global strategist at Principal Asset Management. 'The implication is that a clear read on the inflation trend won't be visible for several months yet. This prolonged inflation uncertainty likely implies a prolonged Fed pause.'
Other money managers were taking the good news in stride: 'And just like that, the markets' twin fears—a tariff-induced recession and sticky inflation—have been greatly assuaged,' said Chris Zaccarelli, chief investment officer for Northlight Asset Management in Charlotte, N.C., in morning comments. 'In the short run, markets should love this data and continue yesterday's (China-trade) celebration.'
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