Video: Macro Minute: A soft July Core CPI should lead to an upside breakout (our base case). $NVDA deal with Wall Street lowers cost of financing = higher AI P/E.

Video: We expect the July core CPI to be softer than consensus of +0.22% and thus lead to an upside breakout for equities.  The driver is basically this report could tilt markets back towards a dovish tilt and away from the IDS, or inflation derangement syndrome, taking place in the past few weeks.  Additionally, the NVDA / Wall Street announcement should lower cost of money for AI, and thus, lead to higher P/E.

Please click here to view our Macro Minute (duration: 5:10).

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