# JuneCPIFedHike20%

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One inflation report may move the market for a day.
The Federal Reserve's response can shape the market for months.
June's CPI delivered welcome news as inflation slowed compared to the previous month, and monthly prices even recorded their first decline in years. On the surface, that looks like a victory against inflation.
But the bigger picture is far more complicated.
The Fed isn't celebrating yet.
Why?
Because policymakers know that one encouraging report doesn't establish a trend. Their focus remains on persistent inflation, especially core inflation, which continues to stay above the lon
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