Q2 – 2025

Market Review and Outlook
Consumer prices (CPI) rose 2.7% in June, a bit faster than the 2.4% annual increase in May and in line with economists’ forecasts (source: Wall Street Journal 7/16/25). Core prices which exclude volatile food and energy prices rose 2.9% in line with expectations (source: ibid). The chart above shows the 10-year history of CPI, which has fallen considerably since its 2022 highs.