As you know, I was worried about a follow-up smash on Tuesday after the PPI. But the PPI came in cooler than expected and we avoided the smash. My concern then shifted to today's CPI. Would a hotter than expected number bring the 50-day breaking smash? Again, it appears that the answer is a resounding no. All I can say is " whew " and now we can begin to worry about tomorrow.

So here's your CPI data. The headline numbers were in line but the core numbers were a tick softer than expected:...