The trajectory was never going to be diagonal, but the overall direction for now remains. Inflation continues to be a hot topic and today’s CPI had some hotness to it. Core m/m and y/y (+0.3% and +3.3%) both were worse sequentially. But when you include the food and energy components, the figures were inline (m/m) or slightly better (y/y) versus August’s. Given the mixed result, markets largely took the new datapoint in stride. Fed heads have been busy this week tampering estimates for another…
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