US Inflation Report Wednesday Could Give Fed Some Relief

The US Federal Reserve is awaiting an important inflation report on Wednesday that could provide some relief in its fight against inflation.

The consumer price index, due at 8:30 a.m. ET from the Bureau of Labor Statistics, is expected to show only a modest increase for July - 0.1% on the all-items headline number and 0.2% for the core reading that excludes volatile food and energy prices.

These numbers are down 0.1 percentage point from June's annual readings, which were 3.5% and 2.6%, respectively.