Commenting on the CPI report, Neil Birrell, chief investment officer at Premier Miton Investors, said the likelihood of the Fed cutting rates by 50 basis points next week "took a significant hit from that number, but it was simply not enough to stop the Fed from cutting rates". David Kelly, chief global market strategist at JPMorgan Asset Management, said July's core CPI reading was slightly above market expectations but today's reading was more of "noise than news", adding that inflation had dropped to "room temperature", suggesting there were no "significant" inflation issues. "Overall, inflation is well under control in my opinion. It doesn't look like we're seeing signs of deflation," Kelly said.