Having accelerated MoM for the past four months, analysts expected today's CPI print (for November) will rise once again to +0.3% MoM and they were dead on (the biggest MoM rise since April). The 0.3% MoM rise pushed headline CPI up 2.7% YoY - the highest since July...

Source: Bloomberg

Core CPI also rose 0.3% MoM (as expected) which pushed it up 3.3% YoY (not even close to the 2% mandate)...

Source: Bloomberg

There has not been a single monthly decrease in core consumer prices since Biden too office.

There is a silver lining however, with so-called SuperCore CPI - Services Ex Shelter - rising just 0.19% MoM which leaves it +4.3% YoY (the lowest inflationary print since Dec 2023)...

Source: Bloomberg

With money supply on the rise again, it should be no surprise that inflation is also rising phoenix-like from the ashes of a pre-election money tsunami...

Source: Bloomberg

Is this what Trump is about to inherit?

Source: Bloomberg

Amid all the rancor of the election campaigns about how voters are clueless as to just how good they've got it - which was echoed by Jared Bernstein this morning on CNBC - Americans (as a whole) have seen real incomes drop 3.3% in the four years since Biden was elected (and up just 2% since the start of COVID)...

Source: Bloomberg

Of course, this includes EVERY American and is adjusted by EVERY item in the BLS CPI basket... how about we adjust nominal incomes for what really matters - food and fuel costs?

Finally, strong employment and resurgent inflation 'data' is not the kind of 'data' that a 'data dependent' Fed needs to justify rate-cuts next week? Or is this resurgence transitory?