CoreWeave Results Add a Strong Bid to the AI Trade

As everyone gazes at inflation numbers, home prices are beginning to crack.

Key Takeaways

• Soft Price Signals Point to a Benign CPI: The key today is the July CPI report. The consensus is +0.1% for the headline and +0.2% for the core, but there may well be another downside surprise because we know that oil prices were down nearly -6% on the month and gasoline was off -3.5%. That should spill over to air fares and delivery services. There will likely be a post-FIFA rollback in select consumer cyclical services like hotel rates. Residential rents dipped -0.1% MoM, and Manheim used-car prices dropped -1.4% last month. All this points to a benign number and a further pricing out of a September Fed rate hike.