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Cleveland Fed Median CPI Hits New Cycle High

US DATA
  • Supporting the perception of widespread strength behind today's CPI release, the Cleveland Fed median CPI rate bounced from 0.525% to 0.738% M/M in August to creep above June's 0.731% - yellow line below.
  • There is no let up in Y/Y terms either, with the median item seeing inflation accelerate further from 6.3% to 6.7% Y/Y.
  • The separate trimmed mean measure meanwhile saw a slightly smaller bounce to 0.62% M/M (June high of 0.80%) but it's scant consolation with the Y/Y rising 20bps to 7.2% Y/Y.

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