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.

Rolling over a low fixed-rate I Bond for a higher-fixed rate I Bond is usually a sensible idea, as long…