This Week Changes Nothing for the FOMC, but it Does Present a Communication Challenge

The CPI numbers released on Wednesday of this week were obviously attention grabbing. 0.9% MoM and 4.2% YoY were both big beats relative to estimates. There are plenty of ways to interpret Wednesdays data: there is obviously a huge amount of transitory factors given how much things like used cars contributed to the headline number. Used car prices accou…