🎈Inflation Surprise Falls to New Low: Cable FX Macro

**As seen in Online Tools> Inflation Dashboard, subscribe at cablefxm.co.uk/reports 

• Headline U.S. prices posted a second consecutive surprise in June at 3.0% Y/y and -0.1% M/m. Our measure of inflation surprises calculates the aggregates of actual vs median survey in the core, headline and core PCE deflator metrics. The index is now at fresh lows, this level has not been seen before in our records

• Looking at a breakdown in the contributions to the U.S. inflation surprise index, the negative impulse is led by headline CPI. The Fed's favorite measure of inflation, the core PCE, hasn't derived from estimates as widely