BMO analyst Ian Lyngen said "auto.....>

US DATA REACT: BMO analyst Ian Lyngen said "auto prices drive disappointing

core-CPI" and December US rate hike "odds fall" after CPI. He adds that US

inflation "came in weaker-than-expected with headline CPI at +0.1% MoM July vs.

+0.2% consensus and unchanged prior. This brought the YoY level to 1.7% vs. 1.6%

prior and +1.8% expected. Core-CPI was really the disappointment at +0.1% July

vs. +0.2% consensus,  for the FIFTH consecutive miss. YoY was unchanged at 1.7%,

that much was as expected."

- He adds that "within the details, we saw OER at +0.3%, an improvement from the

recent trend, but New and Used vehicle trades fell once again, both dropping

-0.5% MoM (the combined weight was 5.6%). Overall, a small miss and not that far

out of line with expectations. That said, in the wake of the data the market's

odds of a December rate hike fell to 32% from 40%."