Summary
- The headline miss probably isn’t significant, but core inflation rose 0.3%, above the consensus estimate of 0.2%.
- Non-seasonally adjusted inflation dipped 0.06% in December and I Bond investors may be facing a weak variable rate reset on May 1.
- Wages increased faster than inflation in December, the BLS said. That’s a trend worth watching. If it continues; real inflation could follow.

[…] For I bonds issued from May 1 to October 31, 2026, the fixed rate is 0.90%. The inflation component…