Data shows inflation held fairly steady in July, defying fears of a sharp tariff-driven spike in prices and good news for Trump.

But like so much in President Donald Trump's second administration, this time is different. Trump has selected E.J. Antoni, chief economist at the conservative Heritage Foundation, to be the next commissioner at the Labor Department's Bureau of Labor Statistics.

A cynic is tempted to make much the same response about the latest inflation figures. Yes, they look better than expected. And they will make President Trump happy. But it’s also true that a mere 10 days after the head of the federal Bureau of Labor Statistics got fired for reporting numbers that the president didn’t like,

The optimism follows July’s Consumer Price Index reading that shows inflation at 2.7 percent on-year - below forecast - suggesting price pressures may be easing, which has heightened expectations that the Fed will act.

U.S. stocks were edging higher in early trading Monday, with the S&P 500 and Nasdaq within striking distance of fresh record closes. Investors were shifting their focus to this week's consumer-price index for July and monitoring the tail end of quarterly corporate earnings.