July CPI Report Drops August 12 With Inflation Still 1 Point Above Fed Target

The BLS releases July CPI at 8:30 a.m. ET on August 12. June's year-over-year inflation was 3.5% — 100 basis points above the Fed's 2% target. Treasury yields and the dollar firmed ahead of the print. A second month of disinflation could revive rate-cut hopes; re-acceleration would embolden the three FOMC members who dissented for a hike.