Friday’s weaker-than-expected jobs report has actually lifted Wall Street’s mood, as it boosts hopes for a possible interest rate cut in September—maybe even a jumbo 50 basis point cut, though that's unlikely. The Nasdaq just hit a record high, and the S&P 500 is just 50 points away from its own. Still, this week brings crucial data: the Producer Price Index (PPI) on Wednesday and the Consumer Price Index (CPI) on Thursday. If inflation runs hot, it could derail hopes for rate cuts. Ironically, rate cuts only happen if the economy weakens—exactly what the Fed is watching for.
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