Core CPI m/m came in at +0.3% vs. +0.2% consensus.

Figure 1: Core CPI month-on-month inflation (blue), Bloomberg consensus (light blue square). Source: BLS.

CME Fedwatch raised the odds of a 25 bps increase in the Fed funds rate from 72.4% to 86.5% (which is up from a week ago at 59.4%).