Macroeconomic data drove the $S&P 500(.SPX)$ to a brand-new historical high this week, though macro exhaustion caused a slight market decline by Friday: Inflation Data Sparks a Rally Earlier in the week, the July Consumer Price Index (CPI) and Producer Price Index (PPI) figures boosted equity markets. The wholesale inflation reading (PPI) remained unchanged month-over-month, boosting optimism that the Federal Reserve will pause interest rate adjustments at its September policy meeting. This data originally catalyzed a rally on Thursday, pushing the S&P 500 to a record close near 7,800. Late-Week Pullback: A Slowing US Consumer The initial rate-pause optimism was tempered on Friday by economic data indicating that the primary engine of the