It has been a wildly volatile morning following the release of the latest US Consumer Price Index. There's a lot to talk about so let's dig right in.
Let's start with the CPI, itself. As you'll see, the "transitory" narrative took another hit. Many were expecting at least a continuation of the previous levels but what we got instead was another uptick.
CPI 0.4%, Exp. 0.3%
CPI Core 0.2%, Exp. 0.2%...