July CPI Cools to 3.4%, Pulling Yields, Oil, and Gold Lower Together

July CPI eased to 3.4% year-over-year from 3.5% in June, with core CPI at 2.5%. The S&P 500 rose 0.26% to 7,748.50. Treasury yields, oil, and gold all fell — a cross-asset move pointing to diminished inflation-hedge demand and lower expected policy rates, not a flight to safety. Fed funds futures priced just 40% odds of a September hike.