After witnessing the worst first half of the year since 1970, the S&P 500 closed its best month in two years in July. However, top economist Mohamed El-Erian is not calling a bottom just yet. He said, "July was an illustration of the adage that 'the market is not the economy.”
The personal consumption expenditures price index, which the Federal Reserve uses as its primary barometer for gauging inflation, increased 6.8% in June, marking the biggest 12-month increase in more than 40 years.
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