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Annual Inflation Eases, Month-to-Month On The Rise

In June, inflation was at a 40-year high at 9.1%. In July, it dropped to 8.5%, leading the Biden administration to declare that things were definitely getting better, especially when you look at a month-to-month comparison rather than annual. However, while economists expected annual inflation to drop to 8.1%, most seemed surprised that it got stuck at 8.3%. What's more, the month-to-month comparison touted by the Biden administration last month showed a 0.1% increase from July to August.

Here are the key details:

The markets did not react well to the news this morning.

A lot of today's stock market loss has to do with the fact that a bad CPI report means the Fed will accelerate its inflation-fighting measures. There are now rumors of a Fed meeting next week to possibly discussing raising rates by a full point soon.

But, Biden administration is out there claiming that prices have been flat for the past two months, so everyone is worried over nothing?

Biden Celebrates The Inflation Reduction Act

Meanwhile... the Biden administration is actually out celebrating the passage of the Inflation Reduction Act by touting all the things it would do... but none of which actually address reducing inflation.

But, thankfully, they have James Taylor singing at them. No, really.

The DOJ Issues Dozens Of Subpoenas To Trump Allies

Meanwhile, the Department of Justice is increasing the scope of its January 6 investigation and have issued subpoenas to a number of Trump allies. My RedState colleague Nick Arama posted a copy of the subpoena before most other outlets even acknowledged the subpoenas were happening. On his show last night, Tucker Carlson interviewed a woman who was not even at the Capitol on January 6 but was visited by the FBI because of her support of Trump.

Trump did score a legal victory, it would seem, yesterday when the DOJ agreed to one of his choices for special master to review the documents seized in the August raid of Mar-a-Lago. Judge Raymond J. Dearie would need to be approved by the judge in the legal battle between Trump and the DOJ.