Another month, another above-consensus CPI print. The Inflation Guy tears into the data like a feral cat, ripping away the fatty bits to get at the meaty part. Okay, maybe that was too graphic. Anyway, this cat points to several signs in this month's inflation report that inflation is starting to get 'sticky' at a higher level than we'd like it to, and the recent inflation deceleration is going to get more difficult going forward. What is the implication for Fed policy?

NOTES

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