While CPI inflation continues to steadily fall and April is only up 4.9% Y-o-Y, down from 9.1% in 6/22, core-inflation remains troublingly high and stubbornly stable. It rose 0.4% M-o-M and 5.5% Y-o-Y, exactly where it was in 1/23. However, because the Fed Funds rate now finally exceeds the inflation rate, the Fed probably keeps rates where they are for a while and is very unlikely to hike much more.