Compared with the slowdown at the start of the year, these numbers look a little healthier. In the short term, the numbers don't help the case for rate cuts.

Some of the concerns out there about CPI hitting 3% at least in the short-term look overdone. Unless we get another surge in oil prices, this may well mark the peak.

Some of the concerns out there about CPI hitting 3% ... at least in the short term look overdone.

Some of the concerns out there about CPI hitting 3% ... at least in the short term look overdone,

The annual trend in January has been to fall and this year has been better, so it's a healthier start.

What's going on with short-term deficit is minor compared to the problem that is looming. But if they're ignoring the big problem, it's not surprising they're ignoring the near-term issues.