US CPI yy
Today is certainly the most-anticipated benchmark revision of an economic data point I can remember.
One reason for that is that Powell himself highlighted its importance to policymakers after a large upward revision to 2022 numbers at this time last year (more of what Powell said about it here).
Reading through it will present some moving parts but the main thing the market will be focused on is how the y/y 2023 headline and core CPI numbers change. Higher readings will be seen as dollar positive and bond bearish. After that, I’ll be digging into the tenor of the monthy changes because if higher CPI numbers are due to higher changes early in 2023, that could roll off quickly.
The other main data point is the Canadian jobs report, which is also at 8:30 am ET. The consensus is for 15.0K new jobs and a tick up in the unemployment rate to 5.9% from 5.8%. As always, watch the full/part-time breakdown.