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Karim writes:

Data on the weak side:


  • Headline CPI driven by energy, up .275%
  • Core CPI driven by car (new model year) seasonals, up 0.182%; ex-vehicles, core close to unch
  • Trend sectors generally weak: OER unch, apparel -0.4%, recreation -0.4%, medical 0.2%


  • Housing starts down 10.6%, with single-family down 6.8%, lowest level since May
  • Permits down 4%


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