CPI’s Big Miss

Core CPI increased 6.6% from a year ago, the highest level since 1982, and 0.6% MoM. Consensus was for 0.4%.

Headline increased 8.2% YoY and 0.4% MoM versus consensus of 0.2%.

Bottom line, there’s no reason to believe the Fed will pause their rate hikes any time soon.

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