U.S. | Headline CPI Rises in February and Pass-Through to Core Remains Limited

CPI increased 0.2% for the first time since October, though YoY inflation held in negative territory at -0.1%. At 1.7% YoY, the pass-through to core remains limited as services remains the most relevant component. Although core inflation will remain below the Fed’s target, we continue to expect the first rate hike in September

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