The huge news of the day is that inflation is coming way down from its pandemic peaks. The June CPI technically just came in with a 2-handle; consumer prices were up just 2.97% from last June, and well below the 9.1% peak inflation rate a year ago.
Now, I’m not one to downplay a cumulative 12% rise in prices over the past two years. It’s nothing to celebrate. But the real question for the Fed, for investors, for consumers, for the whole U.S. economy, is where the inflation rate…
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