Yesterday's CPI report threatens to upend the idea of a crest in inflation and replace it with a stick battle that will require the Fed to hike rates to +5%. That's raised the stakes in the inflation debate and elevated every data point.
Up next at the bottom of the hour is August PPI. This report generally impacts markets more when it comes before CPI but I wouldn't rule out this version having an effect. The consensus is +8.8% y/y, down from +9.8%. Ex food/energy is seen at 7.1% y/y.
Other data due today includes Canadian manufacturing sales (8:30 am ET) and the weekly EIA oil inventory report at 10:30 am ET. The Fed remains in the blackout period but leaks to the WSJ do not. If the Fed is going to leak something, I suspect they'll wait until after tomorrow's retail sales report or Friday's UMich data.