The MoM pace of Consumer Price Inflation moderated in July, reinforcing the narrative that inflation has now peaked in the US. Markets seem relieved by this as it may remove some pressure being felt by FOMC. Some analysts say this is reading too much into things, however, and the data won’t change much for the Fed. Either way, the dollar is down, yields are off highs, gold is up and the S&P 500 opened at a record high.
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