July CPI Print Looms After June's Unexpected Drop

Why it matters: Wednesday's CPI print is positioned as the single catalyst that will test Fed hawks' tough-on-inflation rhetoric, with WSJ specifically flagging Warsh's stance as the credibility check. With all three major index futures flat ahead of the release, traders appear to be sidelined pending this one data point rather than making directional bets — meaning the print's surprise margin, in either direction, could drive outsized moves.