July CPI Report Drops August 12: Forecast 3.4%, Down From June's 3.5%

BLS releases July CPI August 12 at 8:30 a.m. ET. Reuters-polled economists expect 3.4% year-over-year headline inflation, down from June's 3.5% — which beat the 3.8% consensus. June's surprise cut September Fed hike odds from over 90% to ~60%. A 10-basis-point miss either way could reshape that path.