Headline CPI reached 7.9% in February, a new 40-yr high (but still well below actual inflation which exceeds 15%.)
All categories are all well over the Fed’s 2% annual target with little hope of a pullback any time soon.
Energy prices continue to soar, with gasoline prices near new all-time highs.
Even at these levels, however, they continue to diverge from headline inflation on a YoY basis.
As expected, futures have given up much of yesterday’s nonsensical gains.
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