Macro Briefing: 13 March 2024

* It’s official: Biden and Trump secure delegates for November rematch
* US stock market (S&P 500) hits new record high despite stick inflation data
* House of Representatives will vote on Tik Tok ban today
* Higher-for-longer world for rates may be likely, but perhaps that’s OK
* Sticky inflation data take a bite out of bond and real estate ETFs
* Consumer spending in US rebounded in February via credit card data
* US consumer inflation posts mixed results for February:

Although consumer inflation remained sticky in February, the CPI report released on Tuesday still leaves the Federal Reserve with “breathing room” to “dull how restrictive” its policy interest rate is today, says Rick Rieder, BlackRock’s chief investment officer of global fixed income and head of the firm’s global allocation investment team. In an email to he writes: “We have said for many months now that shelter inflation should migrate lower with a lag, as has normally been the case with these shelter statistics, as it takes a long time to bring additional housing supply on-line. This time has been no different, but with even a longer lag, especially since interest rates are very elevated relative to recent history.”

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