LARRY KUDLOW: 156.4 million American adults love the new S&P 500 record high

The article is a market commentary centered on cooler U.S. inflation readings and their implications for Fed policy and equities. Larry Kudlow argues that June and July inflation data point to disinflation, with July PPI flat at 0.0% and CPI running at a 0.5% annualized pace over the last three months. He suggests the Fed, under Kevin Warsh, is likely to remain on hold rather than raise rates, while continuing balance-sheet reduction. The piece ties the macro backdrop to a bullish equity narrative, noting that the S&P 500 hit a new record high of 7,800 and framing the rally as broad-based participation by millions of American investors. Overall, the tone is upbeat on stocks and supportive of lower inflation and steady policy.