The US CPI print will be important this week to see whether the Fed really has reached the end of its hiking cycle. The print that the Fed wants to see is the headline continues to fall and, perhaps, even more importantly, the core reading to fall too. A big miss here and watch out for USD weakness, falling US10Y yields, and a big shove higher for silver and gold. Headline inflation moving in the right direction Looking at the chart below you can see that headline inflation has been stepping lower in the right direction. Yes, it is still above the Fed’s 2% target, but still moving in the right direction. The core ... (full story)