US Core CPI (Aug MM) 0.3% vs. Exp. 0.2% (Prev. 0.2%)

The 3dp detail matters: 0.29% rounds to 0.3% but sits just beneath it, and desks have learned to treat that distinction carefully, since a rounded-tenth beat from rounding rather than breadth has tended to fade in the first hour of trade. The established read-through runs through the internals: whether the upside came from shelter, core services ex-housing, or goods, with sticky service components historically carrying more weight with policymakers than one-off items like vehicles or airfares. The usual sequence is an immediate rates repricing, then a repricing of the distribution around the next Fed meeting rather than the full path, with the follow-through determined by whether the release aligns with the other inflation prints in the run. Worth observing: the supercore proxy, the annualised three-month run rate, and whether market-based measures of the pipeline corroborate. As a single print inside a cutting debate, the signal is on timing, not terminal.