The Macro Fireside on X: "260812 Wed 08:55 EDT
The July #CPI tape was fully in-line!
#Food down, #Energy down (the Iran MoU benefit, now slipping away).
Long end of the curve dips, equities bid.
Nothing changed, apparently.
So, nothing there for Sep #FOMC?
Well, the Fed hawks have their ammo as well.
At the margin, things have ticked up — airfares, apparel, used vehicles, services ex-housing, etc.
Noisy? We'll see.