An Atypical Development

I doubt markets will make much of this, but it was worth noting on Tuesday that a key gauge of used vehicle prices in the US moved higher in January. The inexorable rise and subsequent decline on Manheim's index was scrutinized by market participants during the pandemic-era inflation. Note that in the CPI series, used vehicle prices posted a sixth consecutive MoM drop in December. The ongoing declines are a meaningful disinflationary tailwind. And the Fed needs all the help it can get. Tha

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