The Fed Will Likely Do Nothing Today
I do not believe that Powell and the FOMC are paying much attention to the CPI at this juncture given CPI is comprised of a series of surveys and lagging indicators.
Powell is a fool when it comes to monetary policy, but he knows CPI is a construct devised to minimize annual social security increases and related Government entitlement programs.
In addition, Powell and the FOMC will not wait to see Core CPI at 2% before lowering rates. Powell, the Treasury and the White House wish to inflate the debt away. Unfortunately, none in power are thinking fiscal austerity.