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Karim writes:

No outliers.

  • Headline CPI up 0.096% m/m and -1.3% y/y; lowest y/y rate since 1950 will fall further over next 2mths before rising again in August.
  • Wild swings in headline from 5.6% to -2% in a 12mth period reinforcing Fed focus on core
  • Core up .145% m/m and 1.8% y/y
  • OER up 0.1%, med and education up 0.3%, tobacco down 0.3% after 20% rise in prior 2mths
  • Core likely to drift down to 1% y/y by yr-end


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