Announced this morning, the Consumer Price Index (CPI) was unchanged in January, less than forecasts, and grew 1.6% on an annual basis. The core rate, which excludes food and energy, increased 0.2% in January, in line with expectations, and grew 2.2% on annual basis. A measure of inflation, the annual core rate is slightly higher than the 2% level targeted by the Federal Reserve, but is within limits and should keep the Fed patient with interest rate policy for the time being. In all, equity futures and bond yields are higher this morning heading into the market open.
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