Energy inflation ticks down -1.48% and no outlier raises in other CPI buckets, causing a bid in bonds and equities.
This could be enough for the FED to hold, in September, we do have another bout of inflation data and job data prior to the meeting, but this is a good sign today that inflation data is not trending upwards and held previous month levels with energy being the highest increase in the year due to war, but we are seeing that tick down now and relieve some pressure in the headline numbers. Steepening across the curve and long short duration is the play until new data and geopolitical tensions say otherwise.