US inflation materially accelerated in January: Supercore inflation jumped 4.0% year-over-year in January. However, the 3-month annualized rate and the 6-month annualized rate jumped to 4.7% and 5.3%, respectively. The 1-month rate annualized would put inflation at 9.5%, the second-highest since 2022. Overall, Supercore inflation has been now above the Fed’s 2% target for 4.5 years. The fight against inflation has entered a new era.