US July CPI: Disinflation Continues, but the Details Warn Agains

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US inflation moderated in July, with headline CPI rising 0.1% month on month and easing to 3.4% annually. Core inflation also declined to 2.5% year on year, but the internal composition was less dovish than the headline suggests.

In this video, we examine:

  • Which sectors led July’s inflation
  • Why falling energy and hotel prices softened the headline
  • What firmer rents and services reveal about underlying inflation
  • How weaker employment changes the Fed’s policy calculation
  • What traders should monitor in US two-year yields, the dollar, gold and equities


The main conclusion: disinflation is continuing, but persistent service-sector pressures mean the Fed may pause without being ready to cut rates.

Presented by Ali Mortazavi, Head of Education at Errante. A data-driven analysis of the report and its implications for financial markets.

This content is provided for educational purposes and does not constitute investment advice.

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