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  1. ETF Strategist Channel
  2. Forget Peak Inflation, CPI Surprises toward the Upside
ETF Strategist Channel
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Forget Peak Inflation, CPI Surprises toward the Upside

Astoria Portfolio Advisors   Jun 10, 2022
2022-06-10

Today’s CPI print delivered worse than expected inflation. We are once again at a 40-year high.

And to think the Fed kept on telling us last year that inflation was transitory.

Luckily, Astoria told our clients that inflation would remain structurally higher for a much longer period.

We wrote about the risks of a higher than expected print yesterday (click here).

This should be a catalyst for portfolios to maintain and perhaps increase their inflation hedges.

See below for further details.

May CPI (Consumer Price Index) readings that came out this morning were worse than expected:

In May, CPI rose 8.6% year over year, coming in above the 8.2% consensus estimate and topping April’s gain of 8.3%.

  • Although CPI saw a downward annual print from March to April, May’s reading indicates an uptick and exceeded March’s print of 8.5%, establishing a new four-decade high.
  • ​Gasoline prices are likely a large driver of the inflation print as they hit a record high during the month.
  • Moreover, May CPI rose by 1% month over month, exceeding the expected 0.7% increase and above April’s 0.3% rise.
  • Yesterday, the S&P 500 fell in anticipation of the release. Our opinion is that the S&P 500 may continue to struggle as today’s measure signifies that the Fed hasn’t been able to get inflation under control.
  • Astoria advocates owning a globally diversified portfolio with multiple factors, alternatives, and inflation hedges to navigate the current environment. Please reach out if you would like to discuss our ETF managed portfolio solutions.

Exhibit 1
United States CPI

Graph chart image visual

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Best,
Nick Cerbone

Astoria Portfolio Advisors Disclosure: Past performance is not indicative of future performance. Any third-party websites provided on www.astoriaadvisors.com are strictly for informational purposes and for convenience. These third-party websites are publicly available and do not belong to Astoria Portfolio Advisors LLC. We do not administer the content or control it. We cannot be held liable for the accuracy, time-sensitive nature, or viability of any information shown on these sites. The material in these links is not intended to be relied upon as a forecast or investment advice by Astoria Portfolio Advisors LLC and does not constitute a recommendation, offer, or solicitation for any security or investment strategy. The appearance of such third-party material on our website does not imply our endorsement of the third-party website. We are not responsible for your use of the linked site or its content. Once you leave Astoria Portfolio Advisors LLC’s website, you will be subject to the terms of use and privacy policies of the third-party website. Refer here for more details.

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