The Consumer Price index posted a +0.3% rise in June following a +0.4% jump in May. For July CPI posted in-line with expectations, edging up +0.1% (+2.0% YoY). The indexes for shelter and food rose, but were partially offset by declines in the energy index and the index for airline fares. Excluding Food and Energy CPI rose +0.1% vs. consensus of +0.2% (+1.9% YoY). Housing starts surged in July to the highest level in eight months, defeating consensus of 965K, posting 1093K vs. 893K prior (+15.7 MoM). Building permits likewise defeated consensus (1000K) coming in at 1052K vs. 963K prior (+8.1% MoM). Privately-owned housing completions rose at a rate of 841K (+3.7% MoM). Treasuries remained on session highs following the steady CPI data and the curve has bull flattened with 2s10s down 1.3 bps.
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