US Inflation Comes In At 3.4% — In-Line With Expectations

Here's a breakdown of the full report:

CPI 0.3% MoM, Exp. 0.4% MoM
CPI 3.4% YoY, Exp. 3.4% YoY

CPI Core 0.3% MoM, Exp. 0.3% MoM
CPI Core 3.6% YoY, Exp. 3.6%

Retail sales missed expectations, coming in at 0.0% vs 0.4% Exp.

Yesterday, Powell reiterated a patient stance on rates:

“we'll need to be patient and let restrictive policy do its work.”

“I do think it's really a question of keeping policy at the current rate for longer than had been thought”.

Looks like rates are on hold for now.