Morning, good morning. This is bloomberg surveillance. Equity futures unchanged on the s p. Alltime highs off the back of a hotter than expected cpi report. Theres a difference between what economists expected and what the market was priced for. Making absolutely no sense whatsoever. Which one was it. Basically youre having people justify the story at a time when there are more than half of the components of the dutch them coming in hotter than expected. Theres a lot of seasonal issues with the fact prices reset. They can explain it away because the fed wants to cut rates. On the flipside it doesnt make any sense for the fed to cut rates if you see a reacceleration in goods pricing. If you see that in the other components of this index. Is it a fed thats going to cut rates matter what or is it stickier inflation people have to grapple with . Bank of america saying this, Service Inflation good surprise. You can take comfort from the discomfort of the latter. We are still on the down tre
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This was a big week for people who follow macroeconomic news. The Federal Reserve kept rates and the dot plot unchanged, but the press release was carefully worded to be opaque. We’ll explain why.