What US CPI won’t tell

Markets are being pulled in opposite directions as oil and technology drive increasingly volatile price action. Crude prices continue to react sharply to every Middle East headline, while technology stocks swing between AI optimism and mounting concerns over massive spending. Strong CoreWeave results helped lift the Korean Kospi nearly 4%, but European markets remain under pressure from higher energy prices. Meanwhile, all eyes are on US CPI. Softer July inflation could trigger a relief rally across bonds and equities, but today’s data won’t capture the renewed surge in oil prices or mounting chipflation pressures. Add rising US yields, a weaker Japanese yen and the risk of Japanese Treasury sales, and the Fed’s policy dilemma becomes even more complicated. Listen to find out more! Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020, and launched her own website ipekScope.com in 2025.