Morning Juice – US Session Prep

Morning, Traders!
It is Wednesday the 14th of August, the day of the highly anticipated US inflation report.
Here are some things to look out for today.

Sentiment
US equity futures remained in tight ranges ahead of an American consumer price report, which could determine whether the Federal Reserve will begin cutting interest rates next month.

Alphabet shares fell 1% in US premarket trading after reports that the Justice Department is considering a bid to break up Google.

The easing of price pressures in the United States has boosted confidence that officials can begin to reduce borrowing costs and refocus on supporting the labour market.
Forecasters predict a 0.2% increase in both the consumer price index and the core gauge excluding food and energy, the latter representing the smallest three-month increase since early 2021.

Docket
08:30 ET
US CPI for July
YoY – Median Forecast: 3% | Prior: 3% | Range: 3.1% / 2.8%
MoM – Median Forecast: 0.2% | Prior: -0.1% | Range: 0.3% / 0%
Core YoY – Median Forecast: 3.2% | Prior: 3.3% | Range: 3.5% / 3.1%
Core MoM – Median Forecast:  0.2% | Prior: 0.1% | Range: 0.3% / 0.1%

10:30 ET
US Weekly EIA Crude Oil Inventories
Median Forecast: -2M | Prior: -3.728M | Range: 2M / -3.18M

Good luck!