The S&P 500 reached another record high this week as favorable economic data supported the rally. CPI rose just 0.1% month over month as shelter inflation remained subdued, while producer prices were flat, reinforcing signs that inflation is gradually coming under control. Cooling inflation reduced the probability of September rate hike odds from 67% to 33% over the past two weeks. Retail sales declined in July, with core spending down 0.2% but still nearly 5% higher year over year, signaling a moderating consumer.