Well, a little light on the headline, and right on the money in terms of the core.
Not a huge change in the markets.
Background: Analysts are looking 0.2% on the headline, and 0.1% on the core. The core is really the one to watch, since that registered a big fat, almost-deflationary goose-egg. Bernanke is desperate to turn that around, and the market clearly expects it to.
Also bear in mind that PPI came in at 0.8%, so to the extent that end prices don’t follow, it means that margins are getting whacked.
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