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CPI & PPI Both Cool, but Warsh Won't Blink — Cuts on July 30?
US June inflation cooled sharply — CPI −0.4% MoM (biggest drop since April 2020) and PPI −0.3% (first decline in a year), both below expectations, reviving rate-cut hopes. But new Fed Chair Warsh pushed back: "not satisfied" with any inflation gauge, "zero tolerance" on high inflation, and vowing to defend the Fed's independence. On AI he was calmer — spending may lift prices near-term, but as a one-off, not sustained inflation. With the July 30 decision looming, does the market keep pricing cuts — or turn defensive as the Chair holds firm?
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