“Any Fed official waiting for a little more data to make the decision on whether to cut interest rates got it in spades this morning as while inflation isn’t dead, there is deflation in commodity prices which balances out the moderate inflation seen in some services prices.”

Christopher Rupkey, chief economist for FwdBonds LLC, commenting on the Consumer Price Index report that showed consumer prices rose 2.9 percent for the 12 months ended in July, slowing from June’s 3 percent annual gain, according to the Bureau of Labor Statistics’ latest CPI report. Read the CNN article, “Inflation Milestone: Consumer Price Index Slows Below 3 Percent for First Time Since March 2021.”