US market update
|The US consumer inflation figures for July came out roughly in line with expectations and as yet are showing little pass-through from tariffs.
Producer inflation (PPI), on the other hand, was much hotter than expected in a sign that tariff-related price pressures are working their way through the supply chain but have yet to reach final consumers.
Markets are pricing in nearly a 90% chance of a cut at the September meeting of the FOMC going into the Jackson Hole conference this week.
Inflation remains stubbornly high and shows little sign of trending down, and the labour market slowdown seems to have more to do with stagnating labour force than anything else, so we eagerly anticipate speeches by FOMC voters this weekend to see if there is significant pushback against this market pricing.
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