CPI Preview: "Relief" On Deck As "Market Has Priced In Fear Of Higher Print"

While it's not expected to be a major market mover (certainly not comparable to the shock CPI prints of 2022 and early 2023), today's CPI print could lead to quite a few stop outs - with markets pricing in a 0.95% move after the report vs 0.7% last month - especially if it comes in much hotter (or much cooler) than expected.

• Headline CPI is expected to rise again in February, up 0.4% MoM vs the 0.3% increase in January (which as a reminder came in hotter than expected), while core CPI is seen rising 0.3% M/M, easing off the 0.4% January increase.