Data, CPI for June 2023:

• due at 1230 GMT, which is 8:30 AM EST:

A quick comment on what you can expect through CIBC:

• Core effects will be behind the sharp drop in the pace of annual headline inflation to 3.1% in the US in June, as last year’s surge in gasoline prices falls out of the equation. This will make inflation the slowest since March 2021.
• Excluding food and energy, core price pressures may also have eased at a pace not seen since late 2021 at 5.0%, with potentially slower shelter inflation contributing to a possible fall in used car prices in line with industry measures.
• But all eyes will be on the Fed’s preferred measure of core prices tied to demand, such as essential services. housing, which will provide information on how the tight labor market translates into inflation.

Earlier previews: