US July Consumer Price Inflation came in largely as expected with headline CPI rising 0.2% month-on-month/2.7% year-on-year and core rising 0.3% MoM/3.1% YoY. The details show energy prices fell 1.1% MoM while food was flat on the month. In terms of the sectors most exposed to tariffs things looked fairly benign. Core goods ex autos rose 0.2% MoM after jumping 0.55% MoM in June suggesting, that for now at least, corporates are absorbing most of the tariff cost. Appliances surprisingly fell 0.9%, apparel rose 0.1%, sporting goods rose 0.4% with furniture up 0.9%. New vehicle prices were unchanged on the month, despite ... (full story)