According to @KobeissiLetter, headline inflation is cold, core inflation is hot, and month-over-month inflation came in as expected based on the latest print. @KobeissiLetter expects a 25 bps Fed rate cut in September, noting the Federal Reserve may point to a weaker labor market despite hotter inflation. @KobeissiLetter also highlights that all eyes are on Fed Chair Jerome Powell, signaling event risk around his remarks for rate expectations and market positioning.