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A cooler American price cycle reshaped rate expectations across global markets.
United States consumer inflation dropped to 3.5% in June, coming in below what traders had priced, as a tumble in petrol costs absorbed much of the upward pressure that Middle East conflict had fed into the energy complex.
The print sent traders scaling back bets on further Federal Reserve rate increases. The June reading The June figure landed below consensus, and the petrol market did most of the work.
Energy costs had been elevated against the backdrop of the Middle East conflict, adding a geopolitical layer to a price cycle that had already proven difficult to cool.
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