Retail inflation in April +3.4% year over year.

Monthly inflation numbers showed a light decline from March's +3.5% year/year growth rate to +3.4% in April. This was on the trade expectation. This is a light rebuttal to the prior day's report showing a light increase in wholesale level price inflation. Markets now have priced in a 73% chance at a cut in short term interest rates at the September meeting of the Fed's policy making board.

Food was not seen as a driver of higher retail pricing. April's estimate was only +2.2% year/year.

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