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Investors are betting harder on a September Federal Reserve interest rate cut after last month’s mild inflation bump, which indicated the pass-through from President Donald Trump’s sweeping import duties to goods prices has so far been limited.

July inflation numbers released on Tuesday came in largely within expectations, strengthening traders’ bets the Fed will start cutting rates at its next policy meeting in September, particularly after a weak employment report in July and sharp downward revisions to job figures for May and June.

“I think that the market coming in was quietly expecting a hotter number, and it didn’t,” said Andrew Szczurowski, co-head of the mortgage and securi

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