US July CPI figures as expected; risks around inflation, growth leaning towards downside

Summary: US CPI up 0.2% in July, in line with expectations; annual inflation rate slows from 3.0% to 2.9%; “core” rate up 0.2%, up 3.2% over year; Westpac risks around inflation, growth increasingly leaning towards downside; short-term Treasury yields rise, longer-term yields fall; rate-cut expectations soften, eight cuts still expected; non-energy services main driver of overall result; Citigroup: catch-up of slowing shelter prices has begun. The annual rate of US...

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