The August Consumer Price Index report, due Friday at 8:30 a.m. ET, will be a key factor in the Federal Reserve's decision on whether to raise interest rates for the first time since July 2023 when it announces its next policy decision on September 16. Economists expect annual inflation of 3.3%, slightly below July's 3.4%, though the Fed will closely monitor core inflation trends amid ongoing price pressures from energy, tariffs, and other factors. Markets currently price in a 70% probability of a rate hike.