CPI Day: Oil Spike, Fractured Fed, and Trade Tensions Collide

All eyes on Washington at 8:30 AM ET today as the Bureau of Labor Statistics drops the July Consumer Price Index — the single most consequential data point of the week. The print lands at a moment when markets are already whipsawed: last week's shock -23,000 nonfarm payrolls killed the consensus for a September rate hike, but surging oil from the Strait of Hormuz crisis is threatening to reignite the inflation fire. Unemployment sits at 4.1%, mortgage rates hit...