Analysts said that although the monthly changes in overall CPI and core CPI were in line with expectations, the actual index levels of both were slightly lower than expected, which helped push the annual rate reading of overall CPI down from the expected 3.0% to 2.9%. This is the lowest level since March 2021. Housing inflation rose slightly again, up 0.4% this month compared to 0.2% in June. Overall super-core service inflation (excluding housing) rose 0.21% this month, which is quite mild but higher than the slight declines in May and June. Overall, these data are consistent with the deceleration in inflation levels in recent years, but indicate that price growth has not suddenly stopped. There doesn't seem to be anything here that would cause next month's rate cut to reach 50 basis points. This may be the reason for the short-term bond yield increase.

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