2024-07-15 09:50:00 ET
Summary
- The Consumer Price Index actually fell in June by 0.1%, but the year-over-year change was still 3%, a full percent higher than the Fed’s target.
- The Producer Price Index was a negative surprise, with a headline reading of +0.2% and a core reading of +0.4%.
- Technology, Communications Services, and Utilities (all AI-related) earnings were, by far, the biggest gainers in the first quarter of the year.
At first glance, the inflation reports last week seemed pretty boring. The Consumer Price Index actually fell in June by 0.1%, but the year-over-year change was still 3%, a full percent higher than the Fed’s target. Core CPI was up 0.1% for the month. Both were positive surprises, with the consensus expecting a rise of 0.1% for the headline and 0.2% for the core reading, but it wasn’t that far from what was expected....
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Weekly Market Pulse: The Soft Landing Zone