The bull runs in the bond market since June 14 and the stock market since June 16 could stall this week. Both markets have probably discounted that July's CPI report (on Wednesday) should be moderated by falling gasoline prices and durable goods prices, while rent inflation could be more troublesome.
The markets may not have fully discounted the likelihood that July's strong employment report (reported this past Friday) increases the odds that the next hike in the federal funds rate is likely to be 75bps rather than 50bps. In recent days, several Fed officials have expressed hawkish opinions.
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