Option Millionaires

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November CPI springs welcome disinflation surprise
Total CPI was up 0.1% month-over-month in November (Briefing.com consensus +0.3%) and core-CPI, which excludes food and energy, was up 0.2% month-over-month (Briefing.com consensus +0.3%). On a year-over-year basis, total CPI was up "only" 7.1%, versus 7.7% in October, and core-CPI was up "only" 6.0%, versus 6.3% in October.

The key takeaway from the report at first blush is that overall inflation is cooling and that the Fed should be convinced to temper the pace of its rate hikes and perhaps place a lower ceiling on its terminal rate.

The food index was up 0.5% month-over-month and up 10.6% year-over-year.
The energy index was down 1.6% month-over-month and up 13.1% year-over-year.
The shelter index was up 0.6% month-over-month and up 7.1% year-over-year.
The used cars and trucks index declined 2.9% month-over-month and was down 3.3% year-over-year.
Services inflation held steady at 7.2% year-over-year.
Excluding medical care services, services inflation actually increased to 7.6% year-over-year, versus 7.5% in October.
Excluding rent of shelter, services inflation moderated to 7.3% year-over-year from 7.5% in October.