At 8:30 a.m. ET, the Labour Department will release data on consumer-price inflation during July.
Economists estimate that the consumer price index was flat month-on-month, and rose by 0.9% year-on-year, according to Bloomberg.
Excluding the volatile costs of food and energy, they forecast that so-called core inflation rose 0.2% month-on-month, and 2.3% year-on-year.
Core inflation compared to the prior year has been running hot and above the Fed’s 2% target since last December. Much of this gain has been due to a jump in shelter costs, which make up 32% of the overall consumer price basket.
The headline CPI is expected to be flat as falling energy prices offset the rise in core CPI, Wells Fargo noted.