US core CPI inflation decreased to 2.5% in July, returning to levels seen before the onset of the Iran conflict. This decline represents a slight reduction from the 2.6% recorded in June and is in line with market forecasts. Headline CPI for the same period was recorded at 3.4% year-over-year, with a month-over-month increase of 0.1%. Analysts are interpreting this data as evidence of a modest cooling in underlying inflation pressures. Markets are now pricing in a potential Federal Reserve rate cut in the coming months.
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