00:00What will stick out maybe is that there's little change and the inflation numbers for CPI remain relatively low,
00:06which should give the doves some comfort, but I don't think it's going to today because CPI has a couple
00:12of problems with it this month.
00:14We're not going to see much movement on the month-to-month basis and no change forecast in the year
00:20-over-year for either the core or the headline.
00:23But the thing about this report is it's not going to capture any of the war-related price changes we've
00:29seen because the war began on March 1st.
00:33Housing costs have been biased lower by the government shutdown, so that also has put some weight on the CPI.
00:39So we'll be watching prices for goods to see if there's still a tariff effect, prices for services.
00:44But really more important in terms of inflation is the January PCE report, which is out Friday, because that's what
00:50the Fed is going to be watching.
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