To be more precise, core personal consumption expenditures (PCE) prices YoY hit 2% for the first time since 2012.
Personal consumption expenditures YoY cleared 5.0% at 5.2%. But PCE has been declining steadily since its peak in 1975.
On the inflation news, the 10Y-2Y Treasury yield slope flattened to below 20 basis points.
Will The Fed and Jerome Powell take a victory lap?