US headline CPI was unchanged in July with the CORE rate up 0.3%, both cooler than forecast. These follow June’s respective pops of 1.3% and 0.7%. The headline 12-month index slowed to 8.5% y/y from 9.1% y/y previously, with the CORE rate steady at 5.9% y/y. The components were mixed with a lot of gauges declining. The USD declined on the announcement, and has implications for the FED’s next move. Join us now for a Live Commentary.
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