{"id":1264,"date":"2026-08-12T18:26:03","date_gmt":"2026-08-12T18:26:03","guid":{"rendered":"https:\/\/goontrading.com\/en\/fed-is-still-inflation-first-after-cooler-cpi-but-weak-jobs-report-means-its-no-longer-inflation-only-natixis\/"},"modified":"2026-08-12T18:26:03","modified_gmt":"2026-08-12T18:26:03","slug":"fed-is-still-inflation-first-after-cooler-cpi-but-weak-jobs-report-means-its-no-longer-inflation-only-natixis","status":"publish","type":"post","link":"https:\/\/goontrading.com\/en\/fed-is-still-inflation-first-after-cooler-cpi-but-weak-jobs-report-means-its-no-longer-inflation-only-natixis\/","title":{"rendered":"Fed is still \u2018inflation-first\u2019 after cooler CPI, but weak jobs report means it\u2019s no longer \u2018inflation-only\u2019 \u2013 Natixis"},"content":{"rendered":"

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\"Fed<\/p>\n

\n

(Kitco News) \u2013 Wednesday morning\u2019s CPI report is proof that broad inflationary pressures are easing, but while the Federal Reserve is likely to remain focused on inflation between now and the September meeting, last Friday\u2019s dismal nonfarm payrolls data means both sides of the dual mandate are back in play, according to economists at Natixis.<\/p>\n

Economists Christopher Hodge and Selin Aker wrote that last week\u2019s employment report casts the in-line CPI data in a different light.<\/p>\n

\u201cAfter the dismal jobs report from last Friday, we thought the definition of what would be considered an encouraging CPI print had expanded, and today\u2019s data likely falls into the encouraging category,\u201d they said. \u201cShelter costs were again subdued and helped to offset the unusual rise in education and communication commodities and recreational commodities. Core goods interrupted two prior negative readings and rose 20bps on the month, but we don\u2019t think that this trend is likely to continue.\u201d<\/p>\n

\u201cThe supercore index, which is the best gauge of the underlying inflationary pressures that Warsh speaks often about, bounced back from an absurdly low June reading, but remained well contained at only 19bps on the month.\u201d<\/p>\n

\"article<\/span><\/span><\/p>\n

Pulling back, Natixis sees the overall disinflationary trend is continuing. \u201cThe three-month annualized rate has been lower for four straight months and, as we have argued ad nauseam, broad-based inflationary pressures continue to wane,\u201d they noted, adding that progress toward the Fed\u2019s 2% target has been slow and inconsistent, but moving in the right direction.<\/p>\n

\u201cThis is still an inflation-first Fed, but given last Friday\u2019s jobs numbers, it can no longer be an inflation-only Fed,\u201d Hodge and Aker said. \u201cAll Fed meetings in the near future will need to price in the possibility of a surprise, but we continue to think that the Fed will be able to narrowly avoid a hike amid a slow and gradual drift down towards target inflation, a cooling consumer sector, and a more precarious jobs outlook.\u201d<\/p>\n

\u201cWe will of course need to wait for tomorrow\u2019s PPI to get a read on July PCE (not to mention August CPI and jobs numbers), but today\u2019s data affirms our call for an extended hold.\u201d<\/p>\n

Gold prices shot to multi-month highs in the wake of the CPI release, with spot gold reaching a session high of $4,441.31 around 9 am ET.\u00a0<\/p>\n

\"article<\/span><\/span><\/p>\n

Spot gold last traded at $4,421.11 for a gain of 1.21% on the daily chart.<\/p>\n<\/div>\n

Kitco.com<\/p>\n","protected":false},"excerpt":{"rendered":"

\u26a1 Trade with Ultra-Low Spreads on IC Markets! \u2794 [Link] \ud83c\udf81 Get Your Exclusive XM Deposit Bonus Now! \u2794 [Link] \ud83d\udca1 Master the Markets with FXTM Copy Trading \u2794 [Link] (Kitco News) \u2013 Wednesday morning\u2019s CPI report is proof that broad inflationary pressures are easing, but while the Federal Reserve is likely to remain focused …<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40],"tags":[],"class_list":["post-1264","post","type-post","status-publish","format-standard","","category-gold-commodities-trade-news"],"_links":{"self":[{"href":"https:\/\/goontrading.com\/en\/wp-json\/wp\/v2\/posts\/1264","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goontrading.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goontrading.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goontrading.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/goontrading.com\/en\/wp-json\/wp\/v2\/comments?post=1264"}],"version-history":[{"count":0,"href":"https:\/\/goontrading.com\/en\/wp-json\/wp\/v2\/posts\/1264\/revisions"}],"wp:attachment":[{"href":"https:\/\/goontrading.com\/en\/wp-json\/wp\/v2\/media?parent=1264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goontrading.com\/en\/wp-json\/wp\/v2\/categories?post=1264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goontrading.com\/en\/wp-json\/wp\/v2\/tags?post=1264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}