BofA on CPI: "Beyond its implications for next week's Fed decision, we do not view the CPI report as particularly informative about the underlying inflation trend. The upside surprise was driven largely by core services, which increased 0.33% m/m. Within core services, wireless telephone services surged 5.9% m/m, contributing roughly 10bp to core CPI. The increase likely reflects AT&T's retirement of certain unlimited plans and higher administrative fees, which should prove to be a one-off. In addition, airfares and lodging away from home, two historically volatile categories, contributed a combined 8bp to core CPI. Airfares in particular may have been boosted by higher oil prices. These effects should prove temporary and largely unwind over coming months."(zerohedge)