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Saxo Market Call

After US CPI, small caps for the win, for a day at least.

19 min • 13 augusti 2025

Today we look at the explosive reaction to the US July CPI release, which failed to confirm fears that Trump tariffs would feed into hotter headline inflation - but was this one-off algorithmic squeeze or something more durable? Also, a delving into the different moving parts of inflation, one major category of which could prove deflationary, a look at the macro and FX reaction to the US CPI data, Circle Internet execs doing a money grab, Coreweave dumped as it struggles with costs and more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (with a one- to two-hour delay from the time of the podcast release).

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

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Intro and outro music by AShamaluevMusic

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