CPI Preview: "Dovish Prints More Likely Than Hawkish" As Headline Inflation Slides To 3%

In our event preview for this week, we stated that the CPI print on Wednesday was the most important event in terms of vol, as it may impact the final FOMC pricing in two weeks and also impact terminal pricing.

Here's what the street is expecting the BLS to report tomorrow at 8:30am; the first important core June prints, which exclude volatile food and fuel prices: