On CPI, Stocks Are Used To the Number's Wiggles

June’s US Consumer Price Index inflation report hit Tuesday morning, and headlines’ reaction compels us to give you this friendly reminder: Inflation is a monetary phenomenon, too much money chasing too few goods and services across the entire economy. Headlines will tell you inflation is all about energy prices, semiconductors and whether the Fed hikes rates. But all three are sideshows, which stocks—relatively unbothered by inflation’s latest ups and downs—know even if headlines don’t. Read Full Article »