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 % vs 0.216% prior

Core CPI:

• Core CPI +2.8% vs +3.0% expected
• Core CPI m/m +0.1% vs +0.1% expected
• Core unrounded +% vs +0.227% m/m prior
• Real weekly earnings % vs +0.1% prior
• Core services vs +0.252% prior
• Core services ex shelter % vs +0.3% prior
• Core-CPI services ex-rent/OER +% vs +0.3% prior
• Services ex energy % 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.