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CNN
When the latest data on consumer prices in the United States landed Wednesday, the headline number was ugly.
Inflation surged to 9.1% in June, according to data from the Bureau of Labor Statistics. That was higher than economists polled by Refinitiv were forecasting.
It was also much higher than the 8.6% rate logged in May, which rattled financial markets and pushed the Federal Reserve to hike interest rates more aggressively — renewing fears about whether the central bank could tame inflation without triggering a recession.
Investors were bracing for a surprise. But there’s reason to believe that Wall Street’s response to the numbers will be more muted than it was last month.
“Both policymakers and investors will take this new high in stride,” Joseph Brusuelas, chief economist at RSM US, told me.