The Day at a Glance | May 10 2023

*Inflation in the United States moderated marginally in April and set at 4.9% y/y. 

*President of the United States, Joe Biden, will meet with Congressional leaders again in an effort to prevent a debt default, following an unproductive meeting on Tuesday. 

*The ANTAD is expected to publish data today, and China`s inflationary figures for April will be made known in the evening (7:30pm Mexico City time). 

Economic environment

Inflationary figures in the United States corresponding to April virtually set in line with estimates. Only general inflation recorded a marginal positive surprise, setting 0.1pp below March`s figure and set at 4.9%. On a monthly basis, inflation logged a 0.4% variation (vs 0.1% m/m prev.). This acceleration came from the energy component, which logged a 0.6% m/m figure, after having receded -3.5% in March; meanwhile, food prices logged no monthly variation (0.0% m/m). On the other hand, the core component maintained a monthly reading of 0.4%, resulting in an annual reading of 5.5%. The prices of goods accelerated to 0.6% m/m from a previous 0.2% figure; housing prices recorded a slight slowdown (to 0.4% m/m vs 0.6% prev.). With this, the reading maintains the idea that the FED may have reached its terminal rate last week.