The SPDR S&P 500 ETF Trust (NYSE:SPY) is up 3.4% in the past week, and much of the positive momentum has come after the July consumer price index (CPI) reading was up just 8.5% year-over-year. Investors have cheered the fact that inflation may have finally peaked, but Bank of America analyst Savita Subramanian said Monday that the S&P 500 is still far from out of the woods at this point.
Subramanian pointed out that 8.5% inflation is still extraordinarily high, and rising prices coupled with a booming job market is likely squeezing corporate profits.
