RenMac Off-Script: Total Eclipse of the Hike

<p>RenMac breaks down a July inflation picture that isn&#39;t cooperating (softer CPI, firmer PPI, and core PCE annualizing near 2.5%), and why the bond market is under-pricing the risk of a September hike. The team also discusses slowing consumer spending after a weak retail sales print, a tape where the trend holds in the face of the momentum unwind and the Leopold rebound, the Credit Card Competition Act&#39;s path onto the Clarity Act, AOC&#39;s rise in the betting markets, and the week ahead in Fed minutes.</p>