US March core CPI +2.8% vs +3.0% y/y expected

Headline CPI:

• CPI +2.4% vs +2.6% expected
• Prior was +2.8%
• m/m reading at -0.1% vs +0.1% expected
• Month-over-month unrounded -0.088% vs 0.216% prior

Core CPI:

• Core CPI +2.8% vs +3.0% expected-- lowest since 2021
• Core CPI m/m +0.1% vs +0.1% expected
• Core unrounded +0.116% vs +0.227% m/m prior
• Real weekly earnings % vs +0.1% prior
• Core services +0.126% vs +0.252% prior
• Core services ex shelter +0.1% vs +0.3% prior
• Core-CPI services ex-rent/OER +0.095% vs +0.3% prior
• Services ex energy +0.160% vs +0.24% prior

This is a cool report and that should nudge the Fed a bit closer to cutting, though they are surely more concerned with tariff impacts at the moment. The US dollar is broadly weaker after the data.