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Updating Granny Shots. Is June the last "really bad" CPI, enabling Fed reaction function shift from "expeditious" to "measured"

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Could June CPI be last "really bad" report?

The story for much of 2022 has been that of markets and Fed trying to keep up with surging inflation. And as the chart below simply illustrates, for much of 2022:

"hard data" (reported CPI) has been...

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