US CPI/PPI - 2023-07-11

CPI beats our already dovish expectations -- unrounded, CPI printed at 2.97% year-on-year, which is 93% back to the Fed's target in just 12 months since June's peak. Core fell too, to 4.8% year-on-year, and even lower at 3.2% month-on-month. Our favorite measure, Core ex-OER, actually deflated on the month. The Fed simply has to "skip" again.