Inflation numbers for July were released today. We learned that consumer prices rose 8.5% from a year earlier, the fourth highest reading since I’ve been alive. And the stock market loved it, with the S&P 500 gaining 2.1% and closing at the highest levels since early May.
Looking under the hood, the food index increased 1.1%, which is the seventh consecutive monthly increase of 0.9% or more. Over the last 12 mon…
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