Is it warm in here or is it me? CPI came in a little hotter than most expected: 0.2% versus 0.1% MoM and 2.4% versus 2.3% YoY.  While still down sharply from 9.1% in June 2022, the pace of the decline has many wondering about the Fed’s pace of lowering interest rates.

Futures are off moderately.

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more later…