February headline CPI came in at 0.4% versus 0.3% expected (and January.) Core CPI registered a 0.4% rise versus .03% forecast and 0.4% prior. YoY, headline was up 3.15%, up from 3.09% in January and a slight beat of the 3.1% expected, while core rose 3.8%, down from 3.9% in January.
Shelter and gas price increases were responsible for 60% of the rise in February.
This is in keeping with our Gas v CPI model which shows a slight uptick in MoM pricing in the midst of a YoY decline.
The short-volatility algos were busy this morning, with VIX diving more than 5% in minutes to back below the 200-DMA.
Futures, which might have been expected to tumble on the expectation of further delays to FOMC rate cuts, rallied instead. 
continued for members…
Sorry, this content is for members only.Click here to get access.
Already a member? Login below… |