Morning Macro: CPI -0.4% MoM Signals Fastest Disinflation Since 2020
June CPI fell 0.4% month-over-month, the sharpest monthly decline since April 2020, pulling the annual rate to 3.5% from 4.2% in May. Paired with a June payrolls print of just 57,000 jobs, well below the 115,000 consensus, the data sketches an economy where demand is cooling faster than the Fed had modeled. Key Takeaways June CPI fell 0.4% MoM, the largest monthly decline since April 2020, bringing the annual rate to 3.5% from 4.2% in May, according to BLS data released July 14. Core CPI (ex-food and energy) held flat at 0.0% MoM, pushing the year-over-year rate to 2.6%, the closest it has been to the Fed's 2% target since before the spring tariff shock. June nonfarm payrolls of +57,000 miss…
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