In their latest report, Lazard Asset Management reviews U.S. inflation data, noting that while headline CPI rose less than expected, core inflation came in higher than forecast—a result markets wrongly viewed as positive despite its negative implications. The analysis also points to a sharp upside surprise in U.S. Producer Price Index inflation, particularly in services, which may challenge the Fed’s assumption that tariff-driven inflation would be temporary. Additionally, China’s July data showed materially weaker economic activity, underscoring both a deepening domestic demand crisis and the drag from U.S. tariffs on external demand.
Lazard Asset Management serves as the Portfolio Manager of the Caldwell-Lazard CorePlus Infrastructure Fund.
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The information contained herein is intended to provide you with general information related to investment alternatives and strategies and is not intended to be comprehensive investment advice applicable to the circumstances of a specific investor. Commentary and portfolio characteristics are the opinion of the Portfolio Manager based on market conditions as of August 2025. References or inferences to returns do not take into account any management fees, transaction costs, commissions, custodial fees, taxes or other costs that apply when purchasing securities. We strongly recommend consulting with a professional advisor prior to making investment decisions.