What, Me Worry? Markets Yawn as Inflation Stirs
Though disappointing, the US CPI data had something for everybody and the trends still seem clear.
No need for stress: American-flag themed beach chairs for sale in Ocean City, New Jersey.
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Wednesday offered a disquieting glimpse of a positive future. New US inflation numbers came out, and they included at least some reasons for concern. The headline figure deteriorated for the first time in months. The New York Times’s accurate headline was “Inflation Sped Up as Gas Prices Rose,” while the Wall Street Journal went with “U.S. Inflation Accelerated in August as Gasoline Prices Jumped.” And yet it appeared nobody cared. Bond yields barely budged. Stocks improved a bit. From the market action, it was impossible to tell whether the inflation data appeared too hot or cold; indeed, it was scarcely possible to tell that there had been any new data at all.