Vi e w p o i n t | 30 Jul 2026 10:18:13 ET │ 9 pages US Economics Another dovish inflation report CITI'S TAKE The market narrative that the Fed will need to hike to bring down inflation remains divorced from economic data. Core PCE inflation surprised lower at just 0.13%MoM following cooler than expected CPI and PPI reports for June. 3.3%YoY core PCE looks concerningly elevated, but is now an obvious outlier amongst other measures of core inflation – including core CPI. We expect markets to price-out hikes ...