Inconclusive Inflation

Y-o-Y CPI inflation eased to 8.3% from 8.5% in April, the first decline since 8/21, but the decline was tiny. Worse, while core-inflation, which excludes food and energy, slid from 6.5%, to 6.2%, M-o-M it rose 0.6% from 0.3% in March! Inflation has probably peaked, but the rise in core suggests inflation will not decline fast, that price pressures are emanating from elsewhere (wages), and the Fed will keep hiking.

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