Inflation is on the agenda
US July CPI is due at the bottom of the hour. The consensus is for a 1.7% y/y rise, up from 1.6% y/y prior.
An upside surprise would give the FOMC some headaches as it shifts toward a more dovish stance. Especially key will be hourly and weekly earnings, which were +1.5% y/y and +1.2% y/y previously.
