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Inflation peaking; growing chance of earlier taper

While the July inflation data this week added to signs that we’re past the peak of “transitory” gains in prices for used autos and reopening services, the pick-up in some of the more cyclically driven components showed underlying inflationary pressures are still building. Elsewhere, the hawkish chatter from many Fed officials this week suggests a growing chance the Fed will begin tapering its asset purchases this year.

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