On Wednesday, investors will watch closely for one of the most important data points the Federal Reserve will consider in its next interest rate decision: August's Consumer Price Index (CPI).
The report, set for release at 8:30 a.m. ET, is expected to show headline inflation of 3.6%, an acceleration from July's 3.2% annual gain in prices, according to estimates from Bloomberg. Over the prior month, consumer prices are expected to have risen 0.6% in August, a faster clip than July's 0.2% monthly increase.
A significant rise in energy prices is expected to drive the bulk of those increases. Oil prices hit new year-to-date highs on Tuesday with West Texas Intermediate (CL=F) closing just below $89 per barrel. Brent crude futures (BZ=F) sat above $92 per barrel — the highest levels in oil prices since November 2022.
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