The U.S. July CPI data has just been released, showing that the CPI year-on-year is slightly below expectations, while the month-on-month is in line with expectations. The core CPI year-on-year and month-on-month also meet expectations. As discussed yesterday: overall, it is highly likely that the July CPI released tomorrow will be slightly below or in line with expectations, and the possibility of a significant surprise is low. It seems I wasn't proven wrong.