Kaohoon Morning Brief – 13 June 2024

CGS International Securities (Thailand) expected Thailand’s SET Index to move within the range of 1,305-1,330 points, stating that there were a number of factors pressured the market yesterday, including the postponement in considering a dissolution of the Move Forward Party and the decision of Thailand’s central bank to maintain interest rates at 2.50%, seeing the current inflation range is in line with the economic growth. The central bank expected inflation to return to its target range of 1-3% in the fourth quarter.


According to the Bureau of Labor Statistics, the CPI, which serves as a general measure of inflation by tracking the costs of a variety of goods and services nationwide, did not rise over the month, showing the figure at 0.1%. However, it did show a 3.3% increase compared to the previous year.

Economists, surveyed by Dow Jones, had anticipated a 0.1% rise in the monthly CPI and an annual increase of 3.4%. In contrast, the April figures revealed a 0.3% monthly uptick and a 3.3% annual inflation rate.

The core CPI, which excludes the volatile categories of food and energy prices, rose by 0.2% on a monthly basis and by 3.4% annually, slightly lower than the predicted 0.3% and 3.5% respectively.


Goldman Sachs maintains its forecast of a rate cut in September followed by another in December. Their inflation prediction for 2024 is slightly below the FOMC’s, which Powell described as “fairly conservative.” Stronger inflation data in recent reports lead Goldman Sachs to believe that another rate cut in September is probable if future data remains consistent.