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#CPIPPIEaseFedSplit U.S. inflation data is giving markets some relief. July PPI slowed to 4.7% year over year, while core PPI cooled to 4.2%. This follows softer CPI figures, with headline inflation easing to 3.4% and core CPI reaching 2.5%. Rising jobless claims also suggest that economic demand may be losing momentum, reducing the immediate need for another September rate increase. However, Federal Reserve officials remain divided. Some policymakers still believe rates should rise to prevent inflation from returning, while others consider current policy restrictive enough. In my view, this disagreement means every new employment or inflation report could cause sharp changes in rate expectations. Lower yields could support gold and Bitcoin, but renewed inflation pressure would quickly reverse that trade.