Inflation "past peak" thesis challenged with August CPI, but our view remains inflation set to fall

Inflation "past peak" thesis challenged with August CPI, but our view remains inflation set to fall

The upside August CPI report (higher inflation) roiled markets Tuesday, as economists and investors calibrated their expectations around the path of Fed policy into 2023:

CPI (mom) +0.12% for August vs median forecast -0.1%, prior -0.02%Core CPI (mom) +0.57% for August vs. median forecast +0.3%, prior +0.31%the negative "shock" for markets was the strengthening of CPI around labor-intensive...

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