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China Tariff Wiggle Room…CPI Data Unremarkable

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Per the Financial Times, a US official clarified that the 200bn in new tariffs on China would apply only to new shipments, not goods already in transit. The effect is that of buying time; shipments take from 2-4 weeks to arrive, so negotiations can proceed in the meantime, and it is conceivable that a trade deal is reached before the bite of new tariffs is felt in Beijing.

Month-over-month CPI data from this morning was 0.3, a one-tenth miss of 0.4 Street consensus. This is attributed in part to continued weakness in apparel despite the BLS re-tabulating how to measure apparel data. Housing and rent were firm. Core inflation was 0.1.

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