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US OUTLOOK/OPINION: Cleveland Fed Core CPI Nowcast Above Consensus

US OUTLOOK/OPINION
  • The Cleveland Fed nowcast has headline CPI cooling 4bps to 0.20% M/M and core CPI 1bp lower to 0.26% M/M.
  • However, it requires a sizeable health warning as the core tracker has seen three sizeable overshoots, averaging 0.15pps per month through May-July. 

 

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