Bear Goggles

The lead-up to Wednesday's US CPI release wasn't the most exciting tape to watch. Any lack of conviction from traders isn't down to CPI anticipation anyway. It's the waiting game before the September FOMC. Yes, this week's inflation updates (plural, because PPI matters too) are ostensibly pivotal in determining the size of the first Fed cut, but at this juncture, it almost feels like the market's resigned itself to 25bps as the chalk. That's probably not wrong. Although the constellation of m