January 2015 US CPI --0.1% vs -0.1% exp y/y

• Prior +0.8%
• -0.7% vs -0.6% exp m/m. Prior -0.3%
• Core 1.6% vs 1.6% exp y/y. Prior 1.6%
• 0.2% vs 0.1% exp m/m. Prior 0.1%

The core holding up is going to be of more interest than the large drop into the negative from the main number