Weekly Commentary | August 13, 2023

Summary

• Equities slightly lower as investors digest conflicting inflation data and bond yields reach 4.12%.

• CPI rises to +3.2% y.y., but core inflation excluding shelter remains in pre-pandemic range.

• Homeowners spending record 40% of gross income on mortgage, raising concerns about consumer debt and future purchases.

Macro Picture

Equities were slightly low…