PremiumNow that the labor situation is known (and lousy), attention turns to the July CPI due Wednesday at 8:30am ET, where we don't expect anything close to the same fireworks from last Friday's jobs print or last month's CPI report which saw the biggest drop since Covid. ExpectationsHeadline CPI is expected to rise 0.1% M/M in July, rebounding from the remarkable oil-driven 0.4% decline in June, while the annual rate is expected to ease to 3.4% Y/Y from 3.5%.Core CPI is expected to rise 0.2% M/M (prev. 0.0%), with the annual rate of core inflation seen cooling to 2.5% Y/Y from 2.6%.