With four times as many data points skewing towards higher February consumer prices than lower ones, whisper numbers into this morning’s CPI print (expected to rise 0.3% MoM) were to the upside. However, headline and core CPI both printed below expectations (+0.2% MoM) which dragged the headline CPI down to +2.8% YoY…
Source: Bloomberg
The miss also pulled Core CPI YoY down to +3.1% – its lowest since April 2021
Source: Bloomberg
Goods ‘inflation’ is basically negligible currently while Services cost inflation is continuing to fall rapidly…
Source: Bloomberg
Energy and Transportation costs are tumbling (Drill baby drill?)
The so-called SuperCore CPI (Services ex-Shelter) also fell to its slowest rate since Oct 2023…
Source: Bloomberg
So what happens next?
Is this just the ammo needed to spark a huge short squeeze higher?
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