ANZ on high US CPI data - likelihood of transitory is falling

The US inflation data released on Wednesday was way above target, again:

• US September CPI +5.4% y/y vs +5.3% expected

And, its not just consumer prices rises:

• Wage pressure also

A comment from ANZ is restrained:

• The broadness of price rises suggests the likelihood of that being transitory is falling.

Fed officials insist the rise in prices is temporary (transitory) and continue to do so.