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Broad Strength In Regional Fed Monthly CPI Measures

US DATA
  • The Cleveland Fed median CPI was almost unchanged at 0.63% M/M in Feb, still close to August’s high of 0.68% M/M which in turn pushed a new cycle high of 7.20% Y/Y.
  • The 16% trimmed mean measure did however unwind January’s pop higher, falling from 0.57% to 0.47% M/M for very close to the 0.45% of actual core CPI.
  • Separately, the Atlanta Fed sticky core CPI ex shelter series accelerated from 0.32 to 0.41% M/M for its fastest since Sept. There is a caveat here that intuitively we would expect airfares (which bounced) to be excluded here although historical methodology included total public transportation.
  • In Y/Y terms, this sticky core CPI ex shelter series continued to moderate despite the M/M acceleration, easing from 5.26 to 5.11% Y/Y although that’s only the lowest since May.

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