Inflation Data to Determine Fed Rate Hike Fate on September 11

Investors are waiting for inflation data to determine whether the U.S. Federal Reserve will hike interest rates at its next meeting on September 15-16.

The Consumer Price Index report, due on September 11, is Wall Street's most closely watched inflation gauge.

Fed officials have stressed their commitment to price stability, and some point out that rhetoric needs to be backed by action if inflation fails to show sufficient progress.

Economists polled by Reuters expect a 0.4% monthly rise in August CPI and a 0.2% rise in the core measure, which excludes food and energy components.