US used cards have been a big source of inflation in the past two CPI reports but that is set to reverse in the months ahead. The official data trails wholesale data by about two months and you can see the bounce here, followed by a reversal lower.
The latest data shows a decrease of 3.2% in the first 15 days of June, compared to May. That takes the index to a level 9.4% below June 2022.
h/t @newsquawk
