Wednesday’s inflation report put the markets and the Federal Reserve on notice that higher prices had yet to cool in June.
The headline number accelerated, rising by 1.3% on the month, as the core reading excluding food and energy continued its hot streak and advanced by 0.6%. The year-over-year pace for the Consumer Price Index rose to 9.1%, up from May’s 8.5% and March’s 8.6%, which had been the high in this cycle. The core CPI is up by 5.9% year-over-year; it’s a slight deceleration from May’s 6% and off the February-March…
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