Glenmede strategist said investors expect a relatively mild July US CPI, forecasting headline CPI up 3.4% YoY and core price pressures remaining contained. Rising US–Iran tensions lifted oil in July, creating upside risk from energy, but market reaction has been muted after policy responses and strategic reserve releases stabilized supply. The Fed has ample time before its next meeting to assess two inflation prints and judge whether energy pressure is sustainably contained or beginning to broad

Glenmede strategist said investors expect a relatively mild July US CPI, forecasting headline CPI up 3.4% YoY and core price pressures remaining contained. Rising US–Iran tensions lifted oil in July, creating upside risk from energy, but market reaction has been muted after policy responses and strategic reserve releases stabilized supply. The Fed has ample time before its next meeting to assess two inflation prints and judge whether energy pressure is sustainably contained or beginning to broaden, a distinction likely to influence policy direction.