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The latest reading of the Fed's preferred inflation gauge showed prices increased at a pace in line with Wall Street's expectations in July.

The report is the first look at inflation since Fed Chair Jerome Powell all but confirmed the Fed will cut rates next month during a speech in Jackson Hole, Wyo., saying the "time has come for policy to adjust."

With consumer prices continuing to moderate, GLOBALT Investments Senior Portfolio Manager Thomas Martin told Wealth! Anchor Brad Smith that "inflation is under control" and that "the consumer is under control."

Martin says investors are looking beyond "technology, communication services and consumer discretionary" stocks and "broadening out their portfolios."

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