Analyst Jersey said the CPI print matched expectations and, while still well
above the Fed’s target, is slowly moving in the right direction. Given market
inflation expectations over the next year, Jersey said it is hard to see this
data triggering any sizable market rebound. The Fed has another month of data to
consider, so near-term summer volatility may be subdued. Jackson Hole remains a
Policy focal point, but August nonfarm payrolls are the key near-term data risk.
