The June CPI report, released in late July, showed annual headline inflation falling to 3.8% from 4.0% in May. Bernstein extractThe Jobs Report Argues With ItselfThe economy shed -23,000 jobs in July against expectations for a gain of 83,000. ANZ Bank, Australian Morning Focus extractEquity and bond markets rallied following July’s very soft US labour market report, as market expectations for Fed rate hikes in the near term were pared. July’s US labour market report was not only very soft; historic revisions also revealed a much weaker labour market than previously thought. Go to Portfolio and Alerts on the website and tick the box in front of The Overnight Report.