Recent July Core PCE rose 0.2% month-over-month and held at 3.3% year-over-year, matching consensus and leaving the Fed’s preferred inflation gauge well above its 2% target for the 65th consecutive month. This outcome, alongside July personal income and spending figures that exceeded forecasts, has kept trader focus on whether underlying price pressures—particularly in services—will reaccelerate or ease modestly in August. With the August print due September 30 after the September FOMC meeting, market-implied odds reflect a tight contest between 0.2% and 0.3% prints, driven by uncertainty over labor-market cooling, energy-price volatility from geopolitical tensions, and the trajectory of goods versus services inflation. Traders are closely monitoring incoming data releases for any shift in the balance of risks.