📊🎈U.S. Inflation Surprise Index Rises to Highest Since March: Cable FX Macro

**As seen in Online Tools > Inflation Dashboard > Surprise Index, get access now! cablefxm.co.uk

• This morning's U.S. price data is not welcomed by the Fed's policy easing campaign, upside surprises were recorded across metrics and desks now expect the FOMC to keep rates over the next meetings. Market pricing for the first Fed rate cut shifted from September to December.

• Our gauge of U.S. price data surprises is now at its highest level since March, the index measures actual data vs the median survey across price metrics. The month-over-month reading is the largest contribution to the January reading, at 1/10 of a percentage point.