Latest / MPC Markets Morning Call
Stocks Edge Higher as Tame CPI Eases Rate Hike Fears
July CPI came in line — core at 2.5% y/y, the slowest since March 2021 — pushing September Fed hold odds to 62%. The S&P 500 rose 0.3% to within reach of its all-time high as AI infrastructure names dominated: CoreWeave +19% on a $104bn backlog, Super Micro +19% on strong FY27 guidance, Nebius +34% on a 514% jump in AI cloud sales. The Strait of Hormuz stalemate deepened as Iran signalled an "offensive doctrine," oil briefly touched $90, and gold hit a two-month high above $4,400/oz. A 10-year Treasury auction priced at the highest yield since 2007 while the U.S. budget deficit blew out to…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.