CPI Preview: Only A Shockingly Hot Number Will Derail A September Rate Cut

At 8:30am on Tuesday, the BLS - now with a new boss-in-waiting, one who has been highly critical of the status quo - will report the July CPI, which according to Deutsche Bank's Jim Reid could prove to be one of the larger events of the summer for markets. The number will be especially important as many will look to it to see if tariffs are (finally) being passed through to US consumers, instead of just foreign producers of goods (as discussed earlier).

Let's take a quick look at Wall Street expects: