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US CPI Likely Ends Biden’s Stimulus Quest
US inflation soared last month no matter how you look at it. Every measure exceeded every economist’s expectations including my own, but loosely met guidance that the risk was toward higher than estimated readings. This may, however, be a top for the year-over-year rates as only another very powerful gain next month would keep the year-over-year CPI rate unchanged instead of slipping. We’re still likely to get a prolonged period of elevated month-over-month annualized readings for an extended period which remains the best way to monitor inflation risk. The December FOMC meeting is likely to see the dot plot pull ... (full story)