February US CPI review: YoY CPI meets the consensus forecast, but rate hike expectations rise

Inflation comes in-line with consensus expectations, but another hot MoM number sees market expectations for Fed rate hikes rise.

The US CPI report for February met consensus forecasts, and was largely in-line with my forecast.

Headline CPI came in at 6.0% YoY (vs my forecast of 6.0%, and a consensus forecast of 6.0%), while core CPI came in at 5.5% (vs my forecast of 5.4%, and a consensus forecast of 5.5%).

YoY CPI ex-shelter of 5.0% was in-line with my forecast, while core CPI ex-…