August CPI came in slightly below expectations, with the monthly headline figure at 0.3% versus last month’s 0.5% and the annual figure at 5.3% versus July’s 5.4%. To be clear, these are still problematic numbers and remain completely out of sync with artificially low interest rates.
Only two categories in Schedule A came in at or below the Fed’s stated objective of 2% annually, reinforcing the fact that inflation is widespread and, aside from the YoY effect in oil/gas prices, is anything but transitory.
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