US January consumer price index report
- Prior was +1.6%
- Ex food and energy +1.4% vs +1.5% expected
- Prior ex food and energy +1.6%
- CPI +0.3% m/m vs +0.4% expected
- Prior m/m reading was +0.2%
- CPI ex-food and energy 0.0% m/m vs +0.2% expected
Wage data:
- Real avg hourly earnings +6.1% vs +5.3% y/y prior
- Real avg weekly earnings +4.0% vs +4.1% y/y prior
It's only one tick to the downside but with inflation worries starting to pick up, that's a big tick. The flat core reading (for the second month) is also soothing for the market. Treasury yields are fractionally lower today and we have a 10-year sale later.
The reaction has been notable with the US dollar sliding.