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July's inflation report ran a touch hotter than Wall Street wanted, but Wall Street really only has itself to blame.
Gas got cheaper, down 2.7%. Furniture and appliances got cheaper, off 0.9%. Goods overall fell 0.1% in a month when tariffs of up to 50% were already running on autos, steel, and aluminum, which is a genuinely impressive act of price restraint. The American consumer did his part.
The line that ran hot was financial services and insurance, up 1.2% and the biggest single mover in the entire report. Cutting through the economist word soup, your advisor bills you a percentage of whatever you have parked with them, so when stocks went up in July, the pile got bigger, meaning your fees got bigger in dollar terms. On a purely statistical basis, the Bureau of Economic ******* ysis saw the S&P having a nice month and filed it under cost of living. It seems bizarre on its face, but it's also logically defensible as all that money really did leave real people's accounts. The BEA is rewriting the methodology on September 30 anyway, and it is worth noticing who benefits from a version of the index where Wall Street's take no longer counts.
Everything else behaved. Core inflation, the number the Fed actually steers by, came in exactly where the Street expected. Income rose 0.4% against spending of 0.2%, so households earned more and sat on the difference, which squares with Tuesday's confidence report showing people feel okay about this month and grim about next year.
#wall #street #next #NVIDIA
July's inflation report ran a touch hotter than Wall Street wanted, but Wall Street really only has itself to blame.
Gas got cheaper, down 2.7%. Furniture and appliances got cheaper, off 0.9%. Goods overall fell 0.1% in a month when tariffs of up to 50% were already running on autos, steel, and aluminum, which is a genuinely impressive act of price restraint. The American consumer did his part.
The line that ran hot was financial services and insurance, up 1.2% and the biggest single mover in the entire report. Cutting through the economist word soup, your advisor bills you a percentage of whatever you have parked with them, so when stocks went up in July, the pile got bigger, meaning your fees got bigger in dollar terms. On a purely statistical basis, the Bureau of Economic ******* ysis saw the S&P having a nice month and filed it under cost of living. It seems bizarre on its face, but it's also logically defensible as all that money really did leave real people's accounts. The BEA is rewriting the methodology on September 30 anyway, and it is worth noticing who benefits from a version of the index where Wall Street's take no longer counts.
Everything else behaved. Core inflation, the number the Fed actually steers by, came in exactly where the Street expected. Income rose 0.4% against spending of 0.2%, so households earned more and sat on the difference, which squares with Tuesday's confidence report showing people feel okay about this month and grim about next year.
#wall #street #next #NVIDIA
2 days ago
