Janet Yellen kept saying that inflation was just around the corner, but apparently she meant one of those long New York City blocks.
The February inflation numbers are in almost exactly as forecast: According to the BLS, CPI MoM declined to 0.2% MoM while CPI YoY rose slightly to 2.2%. CORE CPI MoM fell to 0.2% while CORE CPI YoY remained level at 1.8%.
Meanwhile, The Federal Reserve is merrily raising its target rate and letting its T-note portfolio mature in the face of whimpering inflation.
February saw a slight increase real average weekly earnings YoY and a small decrease in real average hourly earnings YoY.
The USD Inflation Swap Forward 5Y5Y remains under 2.5% at 2.4%.
Yellen and The Fed’s big fight for inflation is a no-show. Apparently, the fuse is wet.