US CPI/PPI - 2025-12-17

Sorry for the late release of this report. We've been wrestling with data irregularities due to the omission of October CPI data.

The year-over-year numbers aren't affected -- and they look fabulous, strongly beating consensus, returning both headline and core to within a quarter percentage point of the Fed's target. Markets have already been expecting one more Fed rate cut in 2026 than the "dot plots" would indicate, so we're going to assume this was already anticipated -- regardless of the published analyst consensus.