AN EYE, WE KNOW YOU ESPECIALLY WILL FOR US. AARON KATERSKY, ORNATO MARIOTTI, THANK YOU BOTH. AND THERE IS ANOTHER SIGN TODAY THAT INFLATION MIGHT BE STARTING TO COOL. WHOLESALE PRICES AROUND 9.8% COMPARED TO A YEAR AGO. THAT'S STILL HIGH, BUT BETTER THAN EXPECTED, IT COMES ON THE HEELS OF YESTERDAY'S REPORT SHOWING INFLATION EASED IN SOME CONSUMER PRICES IN JULY. MEANWHILE, THE WEEKLY JOBLESS CLAIMS REPORT SHOWS 262,000 PEOPLE FILED UNEMPLOYMENT CLAIMS LAST WEEK. THAT'S UP 14,000 FROM THE PREVIOUS WEEK. SO, WHAT'S THE BIG PICTURE HERE? ABC NEWS PRISONERS COMPORTED, ALEXIS CHRISTOFOROUS IS HERE FOR US TO BREAK IT ALL DOWN FOR US. ALEXIS, WHAT ARE YOUR BIG TAKEAWAYS FROM TODAY'S INFLATION REPORT? >> WELL, DIANE, I THINK IT SHOWS US THAT INFLATION IS MOVING IN THE RIGHT DIRECTION. ALBEIT, VERY VERY SLOWLY. WE JUST SAW THAT YEAR OVER YEAR NUMBER, PRICES THAT BUSINESSES PAINT THE WHOLESALE LEVEL, UP 9.8% IN JULY VERSUS THE SAME TIME LAST YEAR. THAT WAS BETTER THAN EXPECTED, BUT MONTH OVER MONTH, ALSO TELLS AN INTERESTING STORY. IT'S THE FIRST TIME SINCE THE PANDEMIC THAT PRODUCER PRICES ACTUALLY FELL HALF A PERCENT, DEFINITELY AN ENCOURAGING SIGN. YESTERDAY, WE SAW THE CONSUMER PRICES, WHILE HIGHER, WHILE STILL ELEVATED, THOSE PRICE INCREASES ARE TRYING TO SLOW DOWN A LITTLE BIT. I DON'T KNOW IF WE WANT TO GO AND HAVE A PARTY WITH, YOU KNOW, INFLATION STILL UP EIGHT AND A HALF PERCENT AT THE CONSUMER LEVEL, BUT AGAIN, IT'S MOVING IN THE RIGHT DIRECTION. PERHAPS IF WE SEE A FEW MORE MONTHS OF NUMBERS LIKE THESE, IT CAN CREATE A TREND. >> SO, WHAT DO YOU THINK THESE TWO WEEKS OF REPORTS MEANS FOR THE FEDERAL RESERVE? >> I THINK THEY, I LIKE THE REST OF US, AND LIKE ECONOMISTS, AREN'T WE TRYING TO FIGURE IT OUT IN THE WEEKS AND MONTHS AHEAD. THE FED MEETS AGAIN THE MONTH OF SEPTEMBER, THERE IS A MEETING IN NOVEMBER AND DECEMBER. ANALYSTS STILL BELIEVE THE FED IS GONNA RAISE INTEREST RATES AT EACH OF THOSE MEETINGS, IT JUST DEPENDS BY HOW MUCH. THE FACT THAT WE GOT THESE TO REPORT SHOWING INFLATION STARTING TO COOL A LITTLE BIT MIGHT ACTUALLY TAKE THE PRESSURE OFF OF THE FED TO GO AS BIG WITH ITS NEXT INTEREST RATE HIKE, MAYBE INSTEAD OF THREE QUARTERS OF A PERCENTAGE POINT RISE AT THE END OF SEPTEMBER WE MIGHT SEE HALF A POINT. THE FIGHT FOR BRINGING DOWN INFLATION BY THE FED IS STILL VERY MUCH ON. >> A BIG FACTOR IN THAT CONSUMER PRICE INDEX REPORT WAS GASOLINE. A GALLON OF REGULAR, NATIONWIDE, IS NOW BELOW $4. THAT'S THE FIRST TIME WE'VE SEEN THAT SINCE MARCH. DO YOU THINK GAS PRICES WILL KEEP FALLING? >> WELL, YOU KNOW, A FEW WEEKS AGO WE ARE TALKING ABOUT HOW MUCH LOWER CAN THEY GO? ALL THE ANALYSTS ARE PREDICTING THEY WOULD GO HIGHER AS THE SUMMER WENT ON, THAT'S NOT WHAT WE'RE SEEING. PEOPLE START TO CHANGE THEIR DRIVING HABITS, THERE WAS LESS DEMAND GLOBALLY FOR GASOLINE. THAT'S WHAT HELPED TO PUSH THE PRICE IS LOWER. IT'S REALLY ANYBODY'S GUESS BECAUSE ENERGY IS SO VOLATILE. WE STILL HAVE THE WAR IN UKRAINE, WE HAVE HURRICANE SEASON UPON US, THAT COULD KNOCK OUT A FEW REFINERIES AND TAKE SOME OIL OFF THE MARKET. SO, LOTS OF QUESTION MARKS STILL REMAIN. BUT AT LEAST FOR NOW,