What does the July CPI report tells us about inflation trends?

Tariffs are starting to feed into consumer prices; however, falling energy and food costs are offsetting the increase to some degree. In this episode of Research Recap, chief global economist Bruce Kasman and head of U.S. Inflation Strategy Phoebe White unpack the numbers from the July CPI report. Will we see further tariff pass-through in the coming months? What are the implications for the Fed? And what does the inflation picture look like across the rest of the globe? 

This episode was recorded on August 12, 2025. 

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