Joe Brusuelas joins Diane King Hall at the NYSE to go under the hood on the hot July PPI print. The argument that foreigner's are "paying the tariffs" has been "destroyed," says Joe. In terms of the Fed cutting rates, he cautions investors that Federal Funds markets are thin and illiquid, saying there's a long road until the September meeting. Joe says pricing pressures could really arrive around holiday shopping season saying "thinner margins" will make companies pass along the costs to consumers. Joe is expecting a stronger Retail Sales number Friday, citing Amazon (AMZN) Prime Days as a possible boost for the July number.