US CPI inflation rate rises to 3.2% in July, below expectations, and core inflation at 4.7%, marking the first monthly increase since 2022.

The Fed has been clear that 2% is their inflation target.

Now, we have inflation rising again and hovering near the 3% mark.

Will the Fed raise their inflation target or will they finally get it under control?

Follow us @KobeissiLetter for real time analysis as this develops.

— The Kobeissi Letter (@KobeissiLetter) August 10, 2023

BREAKING: Inflation comes in lower than expected

Consensus = 3.3%

Actual = 3.2% (Previous = 3.0%)

However, this is the first uptick in the inflation print seen since July 2022

— Game of Trades (@GameofTrades_) August 10, 2023

Gasoline is the primary driver of disinflation

Oil spiking by over 25% in the past 2 weeks poses a significant risk for inflation to tick up pic.twitter.com/AiK2ehbCUp

— Game of Trades (@GameofTrades_) August 10, 2023