➡ The Consumer Price Index (CPI) report was essentially as expected with the headline dropping from 5.0% y/y in March to 4.9% in April, the lowest in two years.
➡ Another gauge of inflation which measures prices that producers of goods and services are getting paid for their products, the Producer Price Index (PPI), also showed signs of cooling in April.
➡ The inflation reports effectively indicate that the Fed’s aggressive campaign of raising rates is working. And since it takes three to five quarters for interest rate hikes to penetrate the economy, many of the recent hikes have barely had a chance to fully attack inflation. But they will, and they will attack the economy along with it.
To read Dan's full report, click on the link below and download the PDF
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