US CPI/PPI - 2023-01-11

CPI right at expectations -- deflation for December on a headline basis. For the fault-finders looking to keep the out-of-control inflation narrative alive, focus on the acceleration of owners' equivalent rent. But even Powell isn't looking at that anymore. Oh, and by the way, year-over-year M2 growth is now just one basis point. You're going to hear the word "deflation" a lot later this year.