`Peak inflation will have to wait’: traders see three more 8%-plus U.S. CPI readings despite falling gas prices

“Staggering.” “Ugly.” “Brutal.” And …. “out-of-date.”

Those are some of the words that investors, analysts, and even President Joe Biden, used to sum up the U.S. June consumer price index report released on Wednesday.

The report produced a 9.1% annual headline inflation rate, an almost 41-year high, that surprised financial markets by coming in even hotter than either economists or inflation-derivatives traders had expected.