US stock futures edged higher ahead of the July inflation data release scheduled for August 12 by the Bureau of Labor Statistics. The Federal Reserve held its benchmark rate steady at 3.5% to 3.75% in July, but three members dissented pushing for a 25 basis point increase, with markets now pricing in a 44% probability of a September rate hike. June CPI came in at 3.5% year-over-year, down from 4.2% in May, while core CPI stood at 2.6%. The July jobs report complicated the picture with nonfarm payrolls declining by 23,000, defying expectations for positive job growth. Oil prices add complexity due to geopolitical tensions involving the US and Iran, directly impacting headline inflation and consumer sentiment.
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