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Core Viewpoint - The recent U.S. inflation data exceeded expectations, leading to a significant market downturn and altering interest rate expectations for the Federal Reserve [1][4]. Group 1: Inflation Data - The Producer Price Index (PPI) for July increased by 0.9% month-over-month, marking the largest single-month rise since June 2022, while economists had anticipated a 0.2% increase [2]. - Year-over-year, the PPI rose by 3.3%, the highest 12-month increase since February, significantly above the Federal Reserve's 2% inflation target [3]. - Core PPI, excluding food and energy, also rose by 0.9%, surpassing the expected 0.3% increase [2][3]. Group 2: Market Reaction - Following the inflation data release, traders reduced their bets on a rate cut by the Federal Reserve in September, with the probability of a rate cut now at 90%, down from a previous full pricing [4]. - The market's initial expectation of a rate cut was influenced by earlier CPI data, which was in line with expectations, but the PPI data has shifted sentiment [3][4]. - Analysts noted that while PPI was higher than expected, the relatively stable CPI suggests that companies are currently absorbing most of the tariff costs rather than passing them on to consumers [4]. Group 3: Broader Market Impact - Major U.S. stock indices experienced a sharp decline in pre-market trading following the inflation report [5]. - The U.S. dollar index saw an increase, indicating a stronger dollar in response to the inflation data [7]. - Cryptocurrencies such as Bitcoin and Ethereum faced significant drops, reflecting broader market volatility [8].