[Fed's preferred inflation gauge](https://www.cnbc.com/2026/08/26/feds-preferred-inflation-gauge-shows-core-prices-rose-3point3percent-annually-in-july.html) shows core PCE at 3.3% annually in July—still 80bp above Fed's target. Markets are now pricing in rate hikes instead of cuts, which reframes the entire consumer discretionary thesis.

Research these companies