Abiel Reinhart (1-617) 712 9122 abiel.reinhart@jpmchase.com JPMorgan Chase Bank NA North America Economic Research J P M O R G A N 17 July 2026 US Focus: Inflation breadth June CPI and PPI surprised to the downside, an encouraging development even if the slowdown in core PCE was less sig- nificant — we estimate it rose 0.22%m/m (2.6%ar), keeping the over-year-ago pace at 3.4%oya. In contrast, we estimate the trimmed mean PCE rose 2.3%oya, remaining on the low side of the 2.3-2.4% range it has been in since ...