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July CPI +3

09:02 12-Aug-25


CPI numbers for July both were in line with expectations at +0.2% for the headline and +0.3% for Core, and the indexes seem to like it.  Shelter remained the primary driver.

Trump's pick to head the BLS won't officially step into the job until after he is confirmed by the Senate, but the undermining effect on confidence in the data won't wait for that, which makes this report all the more positive for indexes in the short term.  I have long agreed that BLS data could be better, but over the medium term, this move transforms the jobs and inflation data from a known toward an unknown.