US inflation numbers were out Friday night they are still a problem for a Fed wanting to tighten, from the Cleveland Fed:
MEDIAN CPI UP 0.3% IN JUNE
According to the Federal Reserve Bank of Cleveland, the median Consumer Price Index rose 0.3% (3.6% annualized rate) in June. The 16% trimmed-mean Consumer Price Index rose 0.2% (2.6% annualized rate) during the month. The median CPI and 16% trimmed-mean CPI are measures of core inflation calculated by the Federal Reserve Bank of Cleveland based on data released in the Bureau of Labor Statistics’ (BLS) monthly CPI report.
Earlier today, the BLS reported that the seasonally adjusted CPI for all urban consumers rose 0.3% (3.9% annualized rate) in June. The CPI less food and energy rose 0.2% (2.2% annualized rate) on a seasonally adjusted basis.