Maersk said multiple regions are facing increasingly severe congestion and transport disruptions from ports to inland logistics.

Japan domestic corporate goods price index (MoM) +0.1%, est +0.6%, prior +0.4%.

Analyst Jersey said the CPI print matched expectations and, while still well above the Fed’s target, is slowly moving in the right direction. Given market inflation expectations over the next year, Jersey said it is hard to see this data triggering any sizable market rebound. The Fed has another month of data to consider, so near-term summer volatility may be subdued. Jackson Hole remains a policy focal point, but August nonfarm payrolls are the key near-term data risk.