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CPI predictions ranged from .5% to flat, prior to the announcement that inflation in June rose only .2%. Year-over-year inflation rose 3%, less than the more recent 4% inflation. Predicted reactions to that number illustrated just how silly we've become about CPI, basically being bettors against the number, like Eddie Murphy in "Trading Places" betting on orange futures. Markets have been consolidating prices over the past few weeks, and the upside has been limited. A "hot" reading would have triggered a move to the downside, and a "cool" number would have prompted a breakout to the upside. With a reading close to the .2% expectations, don't look for markets to do much of anything.

This report was recorded prior to the release of today's CPI Report.

Video Length: 00:03:48

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