It’s Wednesday already and we’re finally getting there. Markets have been fixated on the US CPI data release that will come later today, with the past two days featuring a bit more of a snoozefest and lack of trading direction.

After the hot US jobs report at the end of last week, we’re going to run it all back again today in another round of „who knows best” when it comes to deciphering the Fed pivot. After a 9.1% annual inflation print in June, we are expected to see the reading slip back to 8.7% in July. However, the core reading is estimated to have increased from 5.9% in June to 6.1% in July. That won’t be of much comfort, so it will depend on how the market reads into the numbers.