Daily Note | August 14, 2024 | CPI Day, Muni CEFs, FSCO Recovering

Markets are up as the CPI came in largely as expected. The market is now about evenly split between a 25 bp and 50 bp Fed rate cut in September. All three major indices closed above their Aug 2nd level, the day before the global market sell-off on August 5th.

Headline CPI came in at +2.9% y/y, down from +3.0% in June and the lowest reading since 2021. Co…