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INTRADAY ALERT: "inline" April CPI at 0.4% MoM enough to keep Fed "paused." Details mixed, but used cars acceleration largest driver after housing. 40% of CPI basket in outright deflation, up from 33%.

NEW: Notice new section (below): added so you can see our tactical ideas

The April Core CPI came in at 0.41% MoM, inline with consensus 0.4% and better than the feared "hot" figure clients were bracing for. But today's release was not a tie breaker, either.

Foremost, we think this report is good enough to keep the Fed in "pause" mode, meaning, we do not expect a June hike. The bar to hike, as we noted previously, has been raised because of the spreading ripples of the regional bank crisis. An...

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