Written before today's CPI data update Tonight at 8:30 PM, the U.S. July CPI data will be released. Based on expectations, it’s likely to be another “wasted” good data point. Currently, the market expects July’s CPI to be 3.4%, compared to last month’s 3.5%. The Cleveland Fed’s forecast is also 3.4%, so the probability of a drop in July’s broad CPI is quite high. The annual rate of core CPI is similar—it's also expected to decrease. If the released data does show a decline, it would help the current market sentiment. While it might not necessarily increase the likelihood of rate cuts, the option for rate hikes would reasonably seem further away. However, the relationship between the U.S. and Iran has caused oil prices to rise again. Although July’s average oil price was slightly lower than June’s, if August’s oil prices continue to climb, inflation could rise again. After all, from the perspective of month-over-month expectations, both broad inflation and core inflation show an upward trend. So for the Fed, this month’s data may still be difficult to serve as a “turning point” benchmark. Most likely, they’ll need to keep an eye on the future trajectory of oil prices. @Gate Crypto, U.S. stocks, Hong Kong stocks, Korean stocks, gold, CFDs, prediction markets—all in one platform.