Here's a breakdown of the full report:
CPI 0.3% MoM, Exp. 0.4% MoM
CPI 3.4% YoY, Exp. 3.4% YoY
CPI Core 0.3% MoM, Exp. 0.3% MoM
CPI Core 3.6% YoY, Exp. 3.6%
Retail sales missed expectations, coming in at 0.0% vs 0.4% Exp.
Yesterday, Powell reiterated a patient stance on rates:
“we'll need to be patient and let restrictive policy do its work.”
“I do think it's really a question of keeping policy at the current rate for longer than ha...

Markets have been slow to embrace high for longer inflation (chart). Forecasting inflation is hard in normal times, a lot harder — when structural megaforces are overlaying cyclical forces and pandemic distortion (chart).
Think about:
->Ageing Population and related greater healthcare and social security spend;
->Geopolitcal Fragmentation and related supply chain reconfiguration and greater defence spend;
->Low Carbon Transition and related series of supply shocks;
—> ...