U.S. CPI and Core a pu will be published today. Consensus points to 2.9% increase in headline prices YOY for the month of January. Core is expected to grow at 3.1% YoY. Until recently, we thought that the Fed was the only U.S. institution that was able to control inflation, but that was before the U.S. government increased spending so much, it shadowed any actions from the Fed. That’s why inflation, and particularly Core, is sticky. As the DOGE continues to fight publicly for more transparency and discipline when it comes to government spending, some government members are showing resistance to giving up full unsupervised control of U.S. finances, even after clear signs of fraudulent behavior. As Milton Friedman used to say: “inflation is made in Washington”. If we want inflation to go down, government spending needs to go down.
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