Global macroExplainer
Reading CPI without confusing momentum and base effects
A lower annual inflation rate does not by itself describe what happened to prices this month.
THE MARKET CONTEXT EDITION2026-09-23 · UTC
Topics
Global macro
Inflation, monetary policy and currencies: how to read the signals without losing the caveats.
2 articles
Global macroExplainer
Which dollar? A guide to the Fed’s trade-weighted index
A basket measures something different from a single currency pair or a company’s own exposure.
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