Glenmede strategist said investors expect a relatively mild July US CPI,
forecasting headline CPI up 3.4% YoY and core price pressures remaining
contained. Rising US–Iran tensions lifted oil in July, creating upside risk from
energy, but market reaction has been muted after policy responses and strategic
reserve releases stabilized supply. The Fed has ample time before its next
meeting to assess two inflation prints and judge whether energy pressure is
sustainably contained or beginning to broaden, a distinction likely to influence
policy direction.
