Why Next Week's CPI Number Will Be A Big Miss

Just after last month's CPI print, which came in hotter than median estimates for the 5th month in a row...

... the market more or less capitulated on hopes for a near-term rate cut, and trimmed expectations for easing to just over 1 cut, some time in late 2024. But with elections coming up and the Fed - whether one wants to admit it or not - more political than ever, would Biden, who notoriously predicted the Fed will cut rates "before the year is out" by which he of course means before the election since anything after Nov 2024 only benefits Trump, really allow the Fed and the various propaganda departments to keep rates as high as they are and crush consumer sentiment ahead of the critical November election?