Pantheon Macroeconomics
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Price pressures are building, but July's data overstate the intensity.
Collapsing response rate casts doubt, but the backdrop looks weak.
A further climb in goods inflation is still in the pipeline.
Revisions reveal a sharp slowdown; September easing incoming.
Auto shutdowns distort the picture; labor market likely still loosening.
Hard to trust given the rock-bottom response rate.
Low simply because auto plant shutdowns have been less prevalent than usual.
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