US CPI/PPI - 2024-11-12

A very optimistic market reaction to a largely at-consensus CPI print. It was a slight miss, actually. The whisper number must have been awful. Feels to us like we have "stick the landing" inflation at this point, approximately at the Fed's target. Disinflation is likely over now. The path of the funds rate is now just a matter of what the FOMC thinks "neutral" is. We suspect that's higher than they are saying out loud.