ASX Retreats as US Inflation Cools but Banking Sector Weighs Heavy

The US inflation narrative just handed Australia a lifeline. Wholesale prices rose 4.7% last month—painful, sure, but a clear deceleration from June's 5.5% and slightly better than economists expected. That cooling has Fed rate hike expectations tumbling to just a 35% probability for September, down from 50% two days ago. Treasury yields fell to 4.65%, oil dropped 2.1% to $87.07, and the S&P 500 punched through to a record close of 7798.99. For Australian...