INTRADAY ALERT: July Core CPI at +0.17% supportive of rate cut cycle starting Sept. Shelter + Auto Insurance account for +0.21% of inflation in the month.

The July Core CPI came in at +0.17% MoM, a better than expected versus consensus of +0.19% MoM. This is now the 4th consecutive "soft" inflation report and solidifies the case for the Fed to start a rate cutting cycle starting in Sept.

The details of this report were very good:- Core CPI MoM +0.17% (YoY fell to +3.17% vs +3.27% last month)- the two largest contributors to inflation- Shelter ex-hotels +0.17% CTG- Auto insurance +0.04% CTG- Ex-these two, Core CPI would be...

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