A.M. Update – CPI As Expected

The market took the CPI report in stride as it came in at consensus. CPI comes is as expected, at 39 year highTotal CPI rose 0.5% m/m in December (consensus +0.4%). Core CPI, which excludes food and energy, rose 0.6% (consensus +0.5%). On a year-over-year basis, total CPI is up 7.0% (consensus + 7%) versus…