Early Update – Shifting Focus?

12:18 p.m. ET On a year-over-year basis CPI came in at 9.1% (vs 8.8% expected and 8.6% prior) to the highest since 1981. The 1.3% month-over-month rise was the highest since 2005. Meanwhile, real wages fell for the 15th consecutive month and American’s purchasing power fell -3.6% year-over-year in June. Rate-hike expectations initially were climbing,…