The 'intra-day' turn of the S&P 500 Index following the release of US inflation data is the first evidence that Powell has deprived markets of 'Fed hopium'.
US headline inflation rose to 3.2 per cent in July from 3.0 per cent. While that was lower than expected, it was nevertheless the first increase in the inflation level since June 2022, which (social) media used to fill headlines.
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