Here Comes The CPI Report...

One of the big questions in the economy is whether inflation is starting to gather steam. Because if it is gathering steam, that could put pressure on the Fed to hike interest rates sooner than expected.

We're about to get more insight into this question at 8:30 AM with the release of June CPI.

Analysts expect a 0.3% monthly increase in headline CPI. And core is expected to rise 0.2%.

On a year over year basis, headline CPI is expected to grow 2.1% and core CPI is expected to grow 2.0%.

Just for some context, core CPI has really been pushing higher lately, and if the trend continues, that will be a sign that inflation is trying to gather steam.