Heard on the Street: For the next several months, consumer-price index data won’t reflect the drastic change in consumption patterns, and won’t guide policy makers in the usual way
On Friday, investors will get their first look at U.S. inflation data since strict measures to restrict the spread of coronavirus began. But over the coming months, headline consumer price inflation will be next to useless for understanding either the economy or how policy makers might act to support it. Investors should get used to tuning it out.
A consumer-price index is made up of thousands of minor categories, derived from survey-based estimates of how people spend their money. For some of these items, demand has collapsed...
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