A brief look at the US CPI.

The US CPI is 3%.  We can see that the CPI is being dragged down by mostly the energy and transportation (cars) sectors.

The core CPI is at 4.8% which is more than double the Fed's targeted inflation of 2%.

CPI growth sector:

The benign inflation report won't rattle the FED's path of rate hikes.  Thus, the US FED won't reduce its rates in 2023 because the core CPI is still at an elevated level.