: You won’t hear the Federal Reserve talk about the good parts of this inflation report

Wednesday’s inflation report put the markets and the Federal Reserve on notice that higher prices had yet to cool in June.

The headline number accelerated, rising by 1.3% on the month, as the core reading excluding food and energy continued its hot streak and advanced by 0.6%. The year-over-year pace for the Consumer Price Index rose to 9.1%, up from May’s 8.5% and March’s 8.6%, which had been the high in this cycle. The core CPI is up by 5.9% year-over-year; it’s a slight deceleration from May’s 6% and off the February-March…