Substantial YoY drops in energy prices continue to dampen headline inflation… …while core inflation gained 0.4% for the third month in a row.

The comparison between YoY gas prices and CPI illustrates the outsized influence energy prices have on headline inflation.

Futures, however, popped on the print on the assumption that the Fed will pause its rate hikes despite hotter than expected PCE and employment data that would argue otherwise.

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