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The consumer price index increased a seasonally adjusted 0.2% for the month and 2.7% on a 12-month basis, the Bureau of Labor Statistics reported Tuesday.
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Excluding food and energy, the core CPI increased 0.3% for the month and 3.1% from a year ago, compared with the forecasts for 0.3% and 3%.
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Following the report, traders ramped up bets that the Federal Reserve would start reducing rates again in September.
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Tariffs did appear to show up in several categories, but other areas that normally would be hit by import duties showed little reaction.
Powell cutting rates now???