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Last week’s macro super bowl, as we called it in our most recent Forward Guidance roundup, certainly lived up to expectations of fireworks. 

Just look at how much the market’s odds for a September rate cut have whipsawed:

Source: CME Group

That initial dip was caused by some pretty nasty PCE data that put into question the path of monetary policy. As seen in the chart below, inflation seems to be heading above the Fed’s 2% target:

Source: MacroMicro.me

More importantly, goods are now driving the inflation uptick, as opposed to the last two years, where most of the…

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