INFLATIONARY INCREASE

March CPI rose 3.5% Y-o-Y. This is unfortunately the 10th month in a row that headline CPI has been trendless and rangebound between 3.1% and 3.7%. The lowest reading since the 2021 inflationary rise was 3.1% back in 6/23. Moreover, core CPI, which since peaking in 9/22 has fallen every month except 3/23, rose from 3.76% to 3.80%. Inflation’s decline is stalling and thus Fed rate relief remains on hold.