The S&P 500 (SPX) clinched a new intraday all-time high of 6,430.48 on Tuesday after July’s Consumer Price Index (CPI) inflation report showed lower-than-expected inflation. At the same time, core CPI surprised to the upside.
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July’s CPI increased by 0.3% month-over-month and 2.7% year-over-year. Economists were expecting a monthly rise of 0.3% and a yearly rise of 2.8%. Core CPI, which excludes volatile food and energy prices, rose by 0.3% for the month and 3.1% annually. The monthly rise was in line with the consensus expectation, although economists forecast a 3.0% annual increase.
Trump Says Powell ‘Must NOW Lower the Rate’
“Jerome ‘Too Late’ Powell must NOW lower the rate,” Trump said in a Truth Social post following the CPI update, adding “Fortunately, the economy is sooo good that we’ve blown through Powell and the complacent Board.”
In a separate post, Trump said that his tariffs haven’t increased inflation, and “for the most part, Consumers aren’t even paying these Tariffs.”
The S&P 500 has returned 8.36% year-to-date.
