In our weekly event preview, we said that while the 9 Fed speakers on deck and the start of Q2 earnings season were certainly notable, Wednesday's CPI print was the event of the week in terms of potential vol as it could impact final pricing for the FOMC in two weeks, and impact terminal pricing as well.
Here is what the street expects the BLS will report at 8:30am tomorrow; first the all-important core June prints which exclue volatile food and energy prices:
- Core CPI MoM is 0.3% (0.4% prior)
- Core CPI YoY 5.0% (5.3% prior).
