Yes, this is our June read on CPI, the consumer price inflationary guide.

And it is a little warmer than expected on year over year, but headline looks good.

Up three tenth, as expected.

That does follow up one tenth.

Up three tenth would be the second warmest of the year.

January was the warmest at up half one percent.

This is as expected, but two tens hotter than the rearview mirror. If we strip out food and energy comes in a tenth cooler

than expectations, up two tenth, we're expecting up three, and the rearview mirror was up one

tenth, up two tenth equals where we were in April to find a higher number. You're going once again,

back to January, the high watermark for the year up four tens. Now, let's go year over year. Year over

year headline, this doesn't include, this includes food and energy, is up 2.7. That's one-tenth

hotter than we're expecting. It's three-tenths hotter than our last look at 2.4. And how does it come? 2.7 will be the highest read since January, or February. February was 2.8. January is 3.0. So even though it's less than it was at the beginning of year, it did warm up just a bit. And finally, if we go year over year X food and

energy, arguably, in my opinion, one of the most important numbers, it comes in at 2.9

exactly as expected. But it is one-tenth hotter than the rearview mirror, which was 2.8.

2.9? Well, it would be the warmest read since February once again. You had January and February 3.3 and 3.1

respectively. So even though we have made progress from the beginning of the year when numbers were higher, we do see a little bump on the year over year. Maybe the best news is the monthly core number up two tens.

It certainly seems though the market was expecting this or worse

because interest rates initially moved lower

were basically unchanged pre-number.

Ten-year note now hovering at 440, actually is less.

We're around 441, 442 before the number.

If you look at what's going on with the yield curve, we see that the short rates are virtually

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