Markets hit record highs as investors saw inflation numbers as a sign the Fed has room to cut rates more — or that tariffs might not drive prices much higher.

Trump extends the deadline on China tariffs — but investors were unimpressed. They could have been conditioned to expect such flip-flopping from Trump.

CPI was projected to increase 0.2% in July and 2.8% for a year ago on headline, and 0.3% and 3% on core