Troy Lutka

Yeah, a bit surprised here that it's core CPI, which misses expectations here at 0.2%.

Considering the fact that gasoline prices were down nearly 5% on a month-over-month basis, you would expect that it was headline that would be weak.

But the fact that core is actually a bit softer is a profoundly strong signal, at least to us, that inflation is coming down, inflationary pressures are dissipating, and the Fed is going to be cutting this year.

Yeah, a bit surprised here that it's core CPI, which misses expectations here at 0.2%.

Considering the fact that gasoline prices were down nearly 5% on a month-over-month basis, you would expect that it was headline that would be weak.

But the fact that core is actually a bit softer is a profoundly strong signal, at least to us, that inflation is coming down, inflationary pressures are dissipating, and the Fed is going to be cutting this year.