CPI Data (MoM): Is the Fed Already Winning?

CPI is trending lower, averaging approximately 2% annualized, on six months of MoM CPI data at 0.4% or less through December 2022.

 

What’s pulling CPI down? Data shows declines over 6 months in key components including Energy (-15%) and Used Cars and Trucks (-9%).

 

The Fed seems determined to crush CPI before easing up.

US CPI Urban Consumers MoM SA (%)

US CPI Urban Consumers YoY NSA (%)

Source: Bloomberg Finance L.P. and U.S. Bureau of Labor Statistics. Data as of 12/31/2022.

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