CPI m/m (title, core) below consensus (-0.1% vs. +0.1%, +0.1 vs. +0.2, respectively).
Figure 1: Instantaneous inflation according to Eeckhout (2023) T=12, a=4, for CPI (blue), for chain CPI (beige), for PCE deflator (green). Chain CPI adjusted by the author using X-13. Source: BLS, BEA and author’s calculations.
On the same vertical axis, here are the basic measurements.
Figure 2: Instantaneous inflation by Eeckhout (2023) T=12, a=4, for core CPI (blue), for chained core CPI (beige), for core PCE deflator (green). Chained CPI adjusted by author using X-13. Source: BLS, BEA and author’s calculations.
Market reaction:
Source: TradingEconomics, accessed 11/07/2024. Time is central.
