MNI US Inflation Insight: Core Relief Overshadowed By Energy

Download Full Report Here: https://media.marketnews.com/US_Inflation_Insight_Apr2026_2179cf98d7.pdf March CPI undershot expectations on core measures, though the energy price shock due to the conflict in the Middle East came through clearly in a soaring headline inflation reading and more subtly across some energy-sensitive categories. Core CPI printed 0.196% M/M (vs consensus 0.27%) and 2.60% Y/Y (vs 2.7%), while headline CPI surged 0.865% M/M and 3.26% Y/Y * Underlying momentum was mixed, with recent core trends easing but still elevated. Threemonth core CPI slowed to about 2.9% annualized, while the sixmonth pace came in at ~2.3%, partly biased lower by government shutdown distortions earlier in the year. * Supercore inflation cooled meaningfully but remains a key area of concern: it slowed to 0.18% from 0.35%, down sharply from prior months, yet its three month annualized rate remains elevated around 4%+. * Housing inflation continued to moderate, supporting the Fed's longerterm disinflation narrative. * Core goods inflation softened again despite tariffrelated pressures earlier in the year. Core goods rose only ~0.1% M/M, dragged down by another decline in used car prices, while median core goods inflation posted a second consecutive soft reading following January's tariffrelated surge. * Inflation breadth widened, mainly due to energy, but longerterm dispersion signals are improving. About half of the CPI basket is now rising at 3%+ Y/Y, though some measures (Cleveland Fed median, trimmed mean) continued to trend lower on a Y/Y basis, offering a glimmer of gradual longerterm disinflation. * CPI details had mixed implications for core PCE, with downside and upside risks offsetting. Analysts trimmed March core PCE estimates slightly (median ~0.22% M/M), though volatile categories such as legal services and strong PCEweighted core goods remain key forecast risks pending PPI data. * Beyond the immediate knee-jerk reaction, pricing reverted to trade roughly around pre-data levels. In the half-hour following the release, FOMC-dated OIS effectively showed no change over the next 3 meetings and a cumulative 9bp of cuts through year-end.

MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 13 Apr

The EU, the Netherlands, Germany, Greece, Spain and France all look to hold auctions in the upcoming week.

MNI US EARNINGS SCHEDULE - Unusually Busy First Week

Q2's earnings season unusually sees a particularly busy first week, with ~7.5% of the S&P 500 set to report.

MNI EGB Supply Daily - 10 April, 2026

This morning Italy will hold a 3/7/15-year BTP auction while Belgium has decided not to hold its ORI auction.