Joe massages July’s inflation figures and says US experienced ZERO inflation when in fact it stood at 8.5%

  • Consumer prices jumped 8.5 percent in July compared with a year earlier, the government said Wednesday
  • On a monthly basis, prices were unchanged from June to July, the smallest increase for more than two years
  • However, prices are spiking across a wide variety of goods and services – leaving most Americans worse off
  • Paychecks are rising faster than in decades but not enough to keep up with costs for items like food and rent
  • Wall Street immediately reacted to the update, with the Dow Jones, S&P 500 and the Nasdaq all surging today

Elsewhere in inflation updates today:

  • Wall Street immediately reacted to the update, with the Dow Jones, S&P 500 and the Nasdaq all surging;
  • The dollar fell by more than one percent on Wednesday following the cooler-than-expected inflation report;
  • Oil shipments from Russia through a critical pipeline to several European countries are expected to resume;
  • Traders slashed bets the Fed will deliver a third straight 75-basis-point interest rate increase in September;
  • US Treasury benchmark 10-year note yields fell to 2.69 percent from around 2.81 percent before the data.