US CPI mm
- CPI y/y +3.4% versus 3.2% expected
- Prior y/y 3.1%
- CPI m/m +0.3% versus +0.2% expected
- Prior m/m 0.1%
Core measures:
- Core CPI m/m +0.3% versus +0.3% expected. Last month 0.3%
- Core CPI y/y 3.4% versus 3.8% expected. Last month was 4.0%
- Shelter +0.4% versus +0.4% last month
- Shelter y/y +6.2% vs +6.5% prior
- Services less rent of shelter +0.6% m/m vs +0.6% prior (y/y vs +3.5% y/y prior)
- Core services ex housing +0.4% vs +0.44% m/m prior
- Real weekly earnings -0.2% vs +0.5% prior
- Food +0.2% m/m vs +0.2% m/m prior
- Food +2.7% vs +2.9% y/y prior
- Energy +0.4% m/m vs -2.3% m/m prior
- Energy -2.8% vs -5.4% y/y prior
- Rents +0.4% m/m vs +0.5% prior
- Owner's equivalent rent +0.5% vs +0.5% prior
- Full text
This is undoubtedly a hawkish report so it's not a surprise that the US dollar is climbing. The question is whether the market will look further out and determine that inflation is going to inevitably come down and it's not really material whether the Fed starts cutting in March, April or June.
