US Inflation Held at 3.4%, Easing Bets on a September Rate Hike

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• Headline CPI rose 3.4% YoY and 0.1% on the month, with core at 2.5%, matching the slowest annual pace since March 2021. Fed funds futures moved from roughly even odds on a September hike to a 64% implied probability of a pause.

• Goldman Sachs agreed to buy Neos Investments for up to $2.25B, bringing its Bitcoin and Ethereum high-income ETFs under Goldman Sachs Asset Management. The funds hold no crypto directly, taking exposure through exchange-traded products and options strategies.

• US equities closed within inches of their record all-time high yesterday after an in-line CPI report helped temper expectations around an imminent September rate hike from the Federal Reserve.