Recent July CPI data cooling to 3.4% year-over-year has anchored trader expectations for the August print near 3.3-3.4%, reflecting continued easing from the May peak amid fading energy shocks and tariff effects. Rebounding gasoline prices and firmer shelter, airfares, and vehicle insurance components are expected to lift the month-over-month rate, while core goods may ease. Cleveland Fed nowcasts and analyst models point to headline inflation around 3.38-3.45% for August, with services inflation remaining sticky above the Fed’s 2% target. The September 11 release arrives ahead of the FOMC meeting, where policy expectations hinge on whether underlying pressures moderate further or reaccelerate.