July CPI matches expectations, core inflation cools to 2.5%

July CPI came in at 3.4% YoY and 0.1% MoM, both in line with estimates. Core CPI was 2.5% YoY and 0.2% MoM, also as expected. The data reduces the likelihood of a September rate hike, with market odds falling to 34%. Goldman Sachs said the report supports a Fed hold. US equity futures rose on the news. 29 clean stories shaped this window, with sentiment bearish at 35/100. Also in focus: Trump: US has 'total control' of Strait of Hormuz, describes naval blockade as 'wall of steel'.