Things continue to move sideways, not providing a strong new signal in either direction.

The next two months will be interesting because core CPI excluding shelter last December and January totaled about 0.6% (not annualized). Unless there is a similar statistical jump this year, by the end of January, core CPI will be back under 2% and core CPI excluding shelter will be back down close to 1.0%.

Potentially that could affect sentiment about future rate hikes.

For now, core CPI is 2.2%, Shelter CPI is 3.2%, and core CPI excluding Shelter is 1.5%.