Fed's megaphone: Core CPI is more important to the Fed

"Fed mouthpiece" Nick Timiraos said economists expected the fall in energy prices last month to pull down the overall CPI in June. But for the Fed, core indicators are more important right now, with core CPI expected to be close to May's 0.21%(monthly rate). Subsequently, the market's focus will turn to PPI and the implications of PPI trends for PCE.