Weekly Market Recap – July 17, 2023

June’s CPI report showed gathering disinflation with headline CPI rising 0.2% m/m and 3.1% y/y on a seasonally
adjusted basis, well below peak inflation of 8.9% y/y a year ago. This trend is not unique to the U.S.: the OECD reported
softening inflation in most major economies to 6.5% y/y in May, the lowest level for global inflation since December
2021.

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