Inflation in the US remains historically high: The weight of products growing faster than 4% in the US inflation CPI basket rose to 40% in July, the highest reading this year. Meanwhile, the ISM Services Prices Paid index reached 69.9 points in July, the highest since November 2022. In the past, this has served as a leading indicator for CPI inflation, now signaling inflation is set to rebound. Is inflation setting up for a resurgence?(The Kobeissi Letter)