Guy LeBas says CPI may miss the full change in drug costs, as lower cash prices were partly offset by expenses shifted into categories the index does not track.

Guy LeBas says CPI may miss the full change in drug costs, as lower cash prices were partly offset by expenses shifted into categories the index does not track. He also sees July core PCE up 0.27% m/m; markets priced 40% odds of a September Fed hike.