TD Securities strategists note that July US inflation came in broadly in line with expectations, with headline CPI rising 0.1% m/m and core CPI increasing 0.2% m/m. Dollar weakens as Fed seen on hold"Consumer price inflation matched expectations in July, with the headline rising 0.1% m/m (0.074% before rounding; TD: 0.15%, consensus: 0.1%). "Notably, July's goods prices indicate tariff passthrough was firm, with some categories exposed to trade picking up. All in, we expect July CPI data to translate into slightly softer core PCE inflation at 0.18% m/m." Signs of normalization in services prices along with tariff pass-through that remains under control bode well for concerns around sticky core inflation.