The Consumer Price Index data released Wednesday showed again that the breakaway 1970s-style inflation is not happening, even with an expanding economy and an unemployment rate under 4%. 

The headline inflation data came in lower than anticipated. While we have made progress in cooling down the inflation data, which is running into tough year-over-year comps (and will for the rest of the year) don’t expect the Fed to pivot anytime soon.

I believe the Federal Reserve won’t pivot until the labor market breaks. Pivoting doesn’t mean they’ll cut rates, details ⇒

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