Today is the first data release after the change of the Director of the U.S. Bureau of Labor Statistics. The data from the Cleveland Fed is somewhat more accurate, but the difference is not significant. Broad inflation did not continue to rise and remained at 2.7%, the same as last month. The CPI month-on-month decreased slightly, while the core inflation rate increased both year-on-year and month-on-month, especially the year-on-year core inflation exceeded market expectations, mainly due to a sharp rise in used car prices.

Overall, this data is not very good. Although the CPI did not increase, the Federal Reserve focuses on core inflation, which means that core PCE does not include food and energy data during the period, so core CPI is somewhat more important. This is not good data for the Federal Reserve's interest rate cuts.