# CoreCPI

#USCoreCPIMissesExpectations
Core CPI 2.7% YoY vs 2.8% Expected, Headline Turns Negative
Core CPI: +2.7% YoY in June, below 2.8% consensus, down from 2.9% in May
Headline CPI: -0.1% MoM, first negative print since May 2020. Annual: 3.8% vs 4.2% prior
Fed Impact: July hike odds eased from ∼50%, Treasury yields dipped
The Breakdown
Energy prices drove the headline drop, with gasoline down sharply. But core services stayed sticky — housing and auto insurance costs remain elevated, keeping core inflation well above the Fed’s 2% target.
Market Reaction
Traders quickly repriced Fed odds lower for J