Inflation Still Percolating In US Services Sector

Activity in the US services sector reaccelerated in August, according to this week's only top-tier data release out of the world's largest economy. Although a resilient consumer who continues to engage with the vast services industry is consistent with the "no recession" narrative, there's a fine line between "no recession" (good news) and "no landing" (bad news to the extent it calls for a more hawkish Fed). At 54.5, the headline ISM services print topped every estimate from nearly five-dozen