US Weekly: A New Cold War Heats Up

Winnie Cisar - Global Head of Strategy, ÂÒÂ×¶ÌÊÓÆµ
Zachary Griffiths, CFA - Head of IG & Macro Strategy, ÂÒÂ×¶ÌÊÓÆµ
Charles Johnston, CFA - Head of Energy, ÂÒÂ×¶ÌÊÓÆµ
Wen Li, CFA - Head of Metals & Mining, ÂÒÂ×¶ÌÊÓÆµ
Pat Luby - Head of Municipal Strategy, ÂÒÂ×¶ÌÊÓÆµ
Logan Miller - Head of European Strategy, ÂÒÂ×¶ÌÊÓÆµ
Brian Perez - Analyst, Credit Strategy, ÂÒÂ×¶ÌÊÓÆµ
Kathleen Tang - Analyst, ÂÒÂ×¶ÌÊÓÆµ

14 April 2025

Overview

Treasury Markets: Amid the escalating tariff-driven trade war between the United States and China, the US March Consumer Price Index (CPI) data emerged as a minor note in a week filled with significant headlines.

US Headline CPI surprised to the downside in March, declining -0.1% MoM (vs. +0.1% consensus), led by a sharp decrease in gasoline prices. On a YoY basis, headline CPI moderated to +2.4%, while core CPI (ex food & energy) decelerated to +2.8%.

Despite moderating hard inflation data, consumer sentiment declined further.

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