WS #12040
June CPI came in at 3.5% vs 3.8% expected, core at 2.6% vs 2.8%, month-over-month CPI dropped 0.4% (largest decline since May 2020). Market odds for a Fed rate hike on July 29 plummeted to 8%. Treasury yields fell, stock futures rose.
June CPI softer than expected, Fed rate hike odds plunge
June CPI came in at 3.5% vs 3.8% expected, core at 2.6% vs 2.8%, month-over-month CPI dropped 0.4% (largest decline since May 2020). Market odds for a Fed rate hike on July 29 plummeted to 8%. Treasury yields fell, stock futures rose.