The futures market has been mostly flat this morning, with the latest indication pointing to a slightly lower open.
There were no surprises in the July CPI data. It was in line with the consensus that called for an unchanged reading in total CPI and a 0.1% increase in core CPI, which excludes food and energy. Total CPI is down -2.1% year-over-year and core CPI is up 1.5% year-over-year, which is within the Fed’s comfort zone. The underlying message is that inflation at the consumer level is not a problem at this point.
Separately, the Industrial Production report for July (consensus 0.4%) will be released at 9:15 ET and will be followed by University of Michigan Confidence data at 10:00 ET (consensus 69.0).
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