Daily Note | May 15, 2024 | CPI Basically As Expected. New Highs.

The CPI data came out and it was slightly cooler than expected with the month-over-month at +0.28% and +0.29% on Core. Year-over-year headline and core CPI came in at +3.6%. This was the lowest level in 2024.

Shelter was still up +0.4% so we still aren't getting help from the largest component. Core good was down -0.1%. Auto insurance is now up 23% y/y b…