US Core PCE Inflation Matches Forecast at 3.3% in July

The print removes one source of upside surprise for the Fed, but it does not settle the policy path—sticky core inflation at 3.3% still leaves the door open for further tightening or a prolonged hold. For risk assets, the significance lies in whether this data shifts rate expectations enough to alter liquidity conditions. The open question is whether subsequent months confirm this moderation or if July was a one-off, which will matter more for market pricing than the single figure itself.