The consumer price index (CPI) in the US rose 2.7 per cent year-on-year in July, below market expectations of 2.8 per cent, while the core CPI rose 3.1 per cent year-on-year, just above expectations of 3.0 per cent, according to the QCP's daily market watch. The milder headline inflation reading reinforced expectations that the Fed would start a rate-cutting cycle in September, with most market participants now expecting a 25 basis point cut. Commodity inflation, which had been expected to rise as companies passed on higher costs to consumers, underperformed expectations.
Looking ahead, the Jackson Hole annual meeting will be the next focus. Fed officials are expected to signal a 25 basis point cut in interest rates in September. With only one CPI and one non-farm payrolls release remaining before the September FOMC meeting, the data are unlikely to materially change the Fed's decision.
QCP: The Federal Reserve's September interest rate cut is expected to strengthen the momentum of Ethereum, and the Jackson Hole annual meeting will be the next focus
2025-08-13 10:07:17
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