Breaking News: More Terrible US Inflation Data

The good news is that the bad news was already in the price. Hopefully. Key US inflation data out Friday came in hotter than anticipated, another ostensible blow to sentiment at an extremely delicate juncture. Mercifully, August's above-consensus core inflation impulse is old news. The CPI report was baked into the Fed's new dot plot, and thereby into market pricing. Or you'd like to think so, anyway. That should lessen the risk associated with an otherwise unnerving update on core PCE prices,

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