Despite June CPI slowdown, oil-driven rate hike debate resurfaces — counterargument: unwarranted tightening

1. 1The June Consumer Price Index release reignited the debate over further interest rate hikes.
2. 2Headline CPI fell 0.4% month-over-month, slowing to an annualized 3.5%, while core CPI was flat month-over-month and rose 2.6% year-over-year, the lowest since March 2021.
3. 3The author argues that with core inflation clearly slowing, raising rates over oil prices amounts to taxing an external supply shock and constitutes unwarranted tightening.

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