My preferred CPI data combo is: Overall YoY 3.4%, MoM 0.4%; Core YoY 2.4%, MoM 0.2%. This indicates overall price increases accelerating, but core inflation staying relatively mild. Conclusion: Overall aligns with expectations or falls short of expectations (bullish for market rebound). Also, if tonight's CPI data comes in strong, the likelihood of a rate hike in September will rise further, and Waller might struggle to handle the pressure. Plus, oil prices started surging in September, but were relatively mild in August. The forecast is already much higher than the previous value, so the chances of exceeding the forecast are pretty low.