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On the SPOT blog (02/14/2023) [K..]

The much awaited CPI report released this Valentine's day appears to have generated -ve sentiment. Inflation seems to have cooled but less than expected. This means that the CPI (and the core CPI) numbers were higher than estimated. Compared to December the rate of increase was higher. This just seems to convey the reality of demand in an economy with a strong jobs market. Feds do seem to be making progress and as they have reiterated, this is a long drawn battle and they are expecting to keep restrictive monetary policy for a while. I think today's CPI report raises the probability on terminal interest rate to go beyond 6% this year. Indices seem to have dipped in the morning and then recovered quite a bit after assessing the commentary from several Fed officials. Dow and S&P indices finished the day in mild red while Nasdaq index finished in a mild green.

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