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This is a Bloomberg money minute. More evidence that inflation is and broadly accelerating is reinforcing bets. The Federal Reserve will refrain from raising rates next month. The producer price index rose 4.7% from a year ago, after a 5.5% annual increase in June. Month over month wholesale inflation was little changed. This, along with yesterday's in line consumer price data, may give the fed more room to weigh inflation pressures against a recent slowdown in hiring.

Stocks are looking at back to back gains, a day after the S&P 500 closed at a striking distance of its all time highs, and Google introduced its latest smartphone lineup, bringing subtle hardware and design improvements. Its pixel 11 phones usher in some genuine innovations, including a highlight feature that transforms the camera flash into a more useful notification indicator, along with more practical upgrades like improved scratch resistance and brighter displays.

Starting prices are $100 higher compared with last year's devices. Courtney Donohoe Bloomberg.