April US consumer price index from the Bureau of Labor Statistics

  • Prior was +2.4%
  • CPI ex food and energy 1.9% vs 2.0% expected
  • Prior ex food and energy 2.0%

Month-over-month

  • CPI % m/m 0.2% vs +0.2% exp
  • Prior was -0.3%
  • CPI ex food and energy +0.1% m/m vs +0.2% exp
  • Prior CPI ex food and energy -0.1% m/m

Disappointing numbers for the second month in a row.

Wages:

  • Real average weekly earnings +0.3% y/y vs -0.1% prior
  • Real average hourly earnings +0.4% y/y vs +0.3% prior

US core CPI y/y:

That's not the trend the FOMC was expecting.

The next CPI report comes on the morning of the June FOMC decision.