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Regional Fed CPI Measures Show Some Further Moderation

US DATA
  • Despite the tick up in core CPI from 0.41% to 0.44% M/M in May, regional Fed alternate measures all saw some degree of moderation on the month.
  • Cleveland Fed: The median CPI saw minimal easing from 0.40% to 0.38% M/M in May, still the softest since Aug’21.
  • Its 16% trimmed mean however fell 0.1pp back to 0.23% M/M, which aside from the same figure in March is the softest since Feb’21.
  • Atlanta Fed: Sticky core CPI excluding shelter slowed from 0.21% to 0.13% M/M, its softest since Sep’21.

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