The year-on-year core price measure came in at 5.9%, the same as June and below the 6.1% feared by analysts. It was the first time since April that the CPI report “brought unexpected good news on inflation,” said FHN Financial’s chief economist Chris Low.

“Macro investors have been counting on China’s reopening to stabilize positions,” said Jim Vogel, a Memphis-based executive vice president and interest-rate strategist at FHN Financial.