June CPI was the focus of investors this morning, as many were looking to today’s data to gauge the effect of tariffs. Core CPI m/m was slightly lower than expected, rising 0.2% while headline CPI m/m was in line, rising 0.3%. Yields fell immediately on the data while US equity indexes rose to the morning highs. Once the knee jerk reactions settled a more concerning picture started to take shape for investors. Despite the CPI readings coming in below estimates, all CPI categories had increased…
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