A Midsummer Night’s Dream: European Inflation Hangs In There As Euro Imperils Stock Rally

I'm going to go ahead and say the Eurozone CPI print was "just right." The flash reading for July came in at +1.3% Y/y, that's in line (Est. +1.3%), but the core reading was a touch higher than estimates and up a tick from June at +1.2%. That's nothing special but we (and I say "we" to include anyone who is long risk assets) probably didn't want it to be - especially not ahead of Draghi at Jackson Hole and with the euro running like it stole something. “They need to get a clear story for