The June Consumer Price Index (CPI) report is a classic head-fake for investors. Indeed, the latest inflation data from the Bureau of Labor Statistics gave market participants something they haven't witnessed in quite a while: a negative month-over-month headline inflation print.
According to the BLS, headline inflation fell 0.4% from May to June, marking the biggest one-month decline since April 2020. This was larger than the 0.2% drop economists expected. Year over year, the June CPI was up 3.5%, better than economists' estimate for a 3.8% rise.
