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This week, market participants were focused on inflation and associated implications for monetary policy. The June Consumer Price Index (CPI) came in slightly below expected, with the headline CPI up 0.2% month-over-month and 3.0% year-over-year, decelerating from 4.0% year-over-year in May.

The U.S. Bureau of Labor Statistics reported today that payrolls increased by 209,000 in June, falling short of consensus estimates. The sectors that experienced the strongest hiring were government, education and health services, social assistance, construction, professional and business services, and leisure and hospitality.