Morning Note | July 12, 2023

Good Morning!

Markets are moving higher as we saw a downside surprise in CPI.  The y/y headline number fell to 2.97% for June as the June 2022 hot data point fell off.  The market was expecting 3.1%.  Month over month Core CPI was just +0.2%, less than forecast, and +4.8% y/y (vs +5.0% expected).  The 17% drop in energy prices over the last year was the …