Markets consolidate after CPI

The week of August 10–14 was relatively calm after the publication of US CPI for July. No panic or capitulation followed, as the number came in as expected or slightly cooler. Traders have observed a slow drift higher in equities. July CPI rose 0.1% month-on-month and 3.4% year-on-year, both in line with forecasts. Core CPI eased to 2.5% annually — the slowest pace since March 2021, though the…