CPI Preview: "Dovish More Likely Than Hawkish" As Headline Inflation Posts First Rise In 12 Months

In our weekly event preview, we said that with the July US payrolls report out of the way, we now move on to the next big macro event, namely US CPI  (with PPI following fast behind on Friday). And with less than 12 hours to go until the big event, here is what the street expects the BLS will report at 8:30am tomorrow.

First the all-important core July prints which excludes volatile food and energy prices:

• Core CPI MoM is 0.2% (0.2% prior)
• Core CPI YoY 4.7% (4.8% prior).