-0.4%: Why the biggest CPI drop since 2020 couldn't buy back a single cut

The June Consumer Price Index (CPI) fell 0.4% on the month, the largest one-month decline since April 2020, dragging the annual rate to 3.5% from May's 4.2% and snapping a three-month acceleration streak. Core prices went nowhere, flat on the month and down to 2.6% YoY, both under consensus.

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