CPI Preview: After The Red Hot January, We Now Cool Off

Last month, amid speculation that the US was well on its disinflationary way to the Fed's 3% target (because not even the shoeshine boy believes inflation will drop to 2% sustainably ever again), we warned that the January CPI print would be a "hot" inflation surprise, and boy were we right with every single metric - and especially the Supercore number - coming above estimates!