There are growing fears that the Federal Reserve and other central banks could risk tipping the economy into recession.
Central to the adverse market reaction to Friday's CPI reading is the fear that inflation expectations have broadened and become entrenched, beyond the well-documented ephemeral drivers such as supply chain bottlenecks and energy shocks.
Kamal added that there was"very, very little good" in Friday's inflation report, which he said indicated that inflation has not peaked and has instead broadened throughout the economy. Richard Kelly, head of global strategy at TD Securities, told CNBC Monday that both the bond and stock markets were now signalling that a recession is coming down the pike, most probably in the fourth quarter of 2022 and first quarter of 2023.
The 50 mark separates expansion from contraction in a purchasing managers' index reading, a reliable gauge of economic activity.
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