While there’s no question that CPI remains too high, the Feb data came in at a level low enough to assuage fears of a 50 bps Fed rate hike.
Headline registered 6.0% annually and 0.4% monthly (versus 6.4% and 0.5% prior) and Core CPI came in at 5.5% annually and 0.5% monthly (versus 5.6% and 0.5% prior.)
The algos, already up sharply overnight, liked what they heard.
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