The Cleveland Fed is out with its median CPI number based on the December data. It measures e one-month inflation rate of the component whose expenditure weight is in the 50th percentile of price changes. It's turned lower but it still far above target and a healthy +0.2%-0.3% m/m reading.
The year-over-year reading fell to 6.9% from 7.0%.
Separately, it's trimmed mean CPI measure rose to +0.4% m/m from +0.2% m/m.
Some Fed members will see this as a reason to continue hiking beyond February.
