CPI, Fed will follow thru with one more, but that's it

June CPI rose 2 tenths m/o/m both headline and core. The y/o/y increase was 3% headline and 4.8% core vs 4% and 5.3% in the month prior. Energy prices were up .6% m/o/m after the almost 4% drop in May and were lower by 17% y/o/y. Food prices rose one tenth m/o/m and by 5.7% y/o/y. The ex food, energy and shelter line item, the new Fed focus, was unchang…