**You can track the Cable FX Macro U.S. Inflation Surprise Index at the Inflation Dashboard, subscribe at cablefxm.co.uk
Today we were updated with consumer prices, U.S. Feb. CPI eased to 6.0% Y/y from a prior 6.4%, this was in line with estimates. The core and monthly figures matched the survey median too
This sent the Cable FX Macro Inflation Surprise Index for the U.S. to null from a prior 6.3. Volatility in the index has plunged since September, which has also contained the series within ranges
Our metric of inflation surprises dropped sharply from levels seen over the summer, this happened as our rolling measure of monthly surprises ticked negative for both headline and core Y/y, the former had not seen this since May 2020
It is worth noting that the Core PCE Deflator component has supported the index lately. The Fed's preferred measure of inflation keeps posting positive surprises vs the consensus median. We will receive this part of the February data later this month
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