Market Extra: `Peak inflation will have to wait’: Traders see three more 8%-plus CPI readings despite falling gas prices

“Staggering.” “Ugly.” “Brutal.” And …. “out-of-date.”Those are some of the words that investors, analysts — and even President Joe Biden — used to sum up the June consumer price index report released on Wednesday. The report produced a 9.1% annual headline rate, an almost 41-year high, that surprised financial markets by coming in even hotter than either economists or inflation-derivatives traders had expected. Falling gasoline prices since mid-June still give some in financial markets and the administration hope that July’s inflation data won’t look nearly so bleak, but there’s a major caveat: Even after factoring…