In what is sure to be yet another hopeful sign for diehard believers in a Fed “pivot”, inflation as measured by the Consumer Price Index came in below expectations, at 7.7% year-on-year. Most notably, inflation declined across all major components of the Consumer Price Index except shelter, which continues to show steadily rising shelter price inflation.
"Whether Jay Powell will share Wall Street’s inevitable optimism remains to be seen."
My prediction: He does not.