Both equities and metals jumped Wednesday after CPI data showed inflation cooled in June more than expected. Both CPI and core CPI rose 0.2% and 3.0% year-over-year, missing estimates of 0.3% and 3.1%. Gold hit a 3-week high and is currently trading at $1,958 and silver is up over 4% today, trading above $24.00 for the first time since mid-June. The S&P 500 gained 0.74% and the Nasdaq—which had been hit hardest by rising rates—jumped 1.15% as investors await what this latest inflation data means for Fed policy going forward.