Reports from the Manheim Used Vehicle Value Index. This tracks wholesale auction prices for used cars in the US.
+2.5% m/m in January, which follows a rise in December also (the rise in December was the first since May of 2022).
- index is now at its highest since August 2022
Manheim’s wholesale index is viewed as a leading indicator for both new car prices and retail used car prices.
- Used-car prices account for about 4.5% of US core CPI
- rising used car prices can push up the overall measure of inflation
Its not just the jobs report from last Friday ( Forexlive Americas FX news wrap: US jobs report was a "WOW" number ) that has Federal Reserve officials falling over each other to warn of the likelihood of further rate hikes:
