With oil prices having tumbled (before this latest resurgence) but semiconductor prices soaring still, expectations were for a small 0.1% MoM decline in CPI but in fact it printed dramatically cooler, dropping 0.4% MoM - the biggest monthly decline since COVID (April 2020), dragging the YoY CPI change down to +3.5% YoY...Source: BloombergBoth Goods and Services costs saw YoY growth decline...Energy dominated the decline while Core Services rose very modestly...Energy's decline was the largest since Aug 2022...Oil's tumble (as we predicted) helped a lot...Core CPI was unchanged (also below expectations), slowing the annual pace of inflation to +2.5% YoY...Supercore CPI also saw it biggest MoM drop since COVID, down -0.2% MoM, led by Education & Communication, and Transportation servicesIf JPMorgan traders are right, this should mean a 1-1.5% gain in stocks...So will Fed Governor Waller walk back his hawkishly panicky remarks yesterday?