According to the Bureau of Labor Statistics (BLS), in January, the Consumer Price Index for All Urban Consumers increased 0.5 percent seasonally adjusted; rising 2.1 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy rose 0.3 percent in January (SA); up 1.8 percent over the year (NSA).
The CPI MoM did come in hotter than expected, leading the 10-year Treasury yield to tick-up.
Real hourly earnings YoY rose to 0.8%. While the CPI for Owners Equivalent Rent of Residences YoY rose 3.2%.
And the US Treasury Inflation Indexed Curve fell to almost -2.50 for 1 month.
“See, I told you that inflation was just around the corner!”