That said, we still view September as front-loaded on softness and probabilities favor stocks rising after CPI. We estimate that August Core CPI will come in closer to +0.16% to +0.18%, reflecting downside from airfares, softer used car prices and with possible help from softer shelter OER (owners equivalent rent). So Core CPI YoY could fall below 4% in September (next month). * Will a good Core CPI print of below +0.20% matter to markets? * But we still see equity markets higher by year-end and once we are through this continued chop, we see S&P 500 rising to 4,750 or greater by year-end.

Source: Wall Street Journal September 11, 2023 13:14 UTC