While CPI came in somewhat cooler than expected, there was not much improvement during the month, especially supercore, but a least not additional deterioration either.
The history continues to be the same, services inflation continues to drive inflation, especially concentrated on shelter 0.4%m/m, transportation 0.85%m/m(vehicle insurance mostly), and medical services 0.45%m/m.
There is no significant improvement shown in any of them, I would expect continued improvement, but probably slowly.
The CPI release, probably in combination with weak retail sales, made the markets more sure about the cuts in September and December.
Is definitely a tricky environment for the FED.
All data: Tableau 1 - Google Sheets
Tableau: https://public.tableau.com/shared/NMZ7RRR7R?:display_count=n&:origin=viz_share_link