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Here's the Breakdown for US June CPI, in One Chart
CPI in the United States decreased to 3.0% in July from 3.30 percent in May of 2024. Core consumer prices in the US increased by 3.30 percent in June of 2024 over the same month in the previous year, down from 3.40 in April.
S&P 500 To Plunge More Than 20% Near Term? Top Economist Breaks Down Broader Market Vs. Small-Cap Divergence After June CPI Report
The stock market had a "buy-the-rumor, sell-the-news" move on Thursday after a tamer inflation data sent the major averages sharply lower, with the sell-off spearheaded by mega-caps and big techs.
Fed's Musalem Calls Recent Inflation Data 'Encouraging'
Federal Reserve Bank of St. Louis President Alberto Musalem says monetary policy is restrictive but not overly restrictive. He speaks during a moderated conversation at an event hosted by the Little Rock Regional Chamber in Arkansas.
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News Highlights
The key indicators of inflation in the United States have slowed down, with the market already pricing in more than two interest rate cuts this year!
The biggest 'surprise' in the June CPI report was that stubborn housing inflation cooled rapidly, falling from 0.40% on a month-on-month basis to 0.17%, boosting market expectations of interest rate cuts. It is certain that interest rate cuts will be implemented in September, and possibly even in July.
Technology stocks, known as the seven sisters, have weakened! S&P 500 index bull market came to an end as the market turned to expect interest rate cuts.
Due to inflation data, investors are betting that the Federal Reserve will cut interest rates as early as September, and the number of investors withdrawing from the so-called "Seven Sisters" stocks has reached the highest level in more than a year.