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Inflation came in perfectly on forecast. Almost everything underneath it is a ‘mess’ as wages struggle to keep up

  • Inflation barely rose in July, calming markets and cutting traders’ odds of a Fed rate hike next month.
  • Gas and energy dropped in July but are still much higher than a year ago after Middle East disruptions.
  • Many households remain squeezed—wages are essentially flat while consumer credit and delinquencies are rising.
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