CPI Tops 2% Again

CPI came in at 2.2%, the lower end of our range.  At we showed last week, this was accomplished at least, in part, by deliberately understating the actual increase in gasoline prices for the month of September.  It was further depressed with the magical “seasonal adjustment” applied by the BLS.

Core CPI came in at 1.7% (vs 1.8% expected) which has dollar bulls understandably unnerved.  Note that the rising white channel dating back to Sep 7 has finally broken down.

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