“The recent bounce in equities looked incredibly ill-judged and premature,” said James Athey, investment director at Abrdn. “That CPI number is very strong relative to consensus and will not be what the Fed wanted to see at all. The chance of the pace of hikes slowing after September has receded somewhat as a result of this data.
“Although today’s announcement shows that inflation remains historically high, there may be signs that the pressure of inflation is abating,” said Richard Flynn, managing director of Charles Schwab UK. “Company inventories are rising relative to sales, global economic growth has weakened, and the U.S. dollar is strong — all indications that price hikes may begin to slow soon. That being said, inflation is still far-above the Fed’s target.
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