By The consumer price index is expected to rise a sharp 1.1% in June, according to economists polled by The Wall Street Journal. Such an increase would push the rate of inflation over the past year to a nearly 41-year high of 8.8%.
The core rate of inflation that omits food and energy is forecast to climb a slower 0.5%. The 12-month increase could also wind down to 5.7% from 6% in May. The CPI report will be released at 8:30 a.m. Eastern by the Bureau of Labor Statistics.
In premarket trading, the Dow Jones Industrial Average
DJIA,
-0.62%
and S&P 500
SPX,
-0.92%
were set to open higher in Wednesday trades. The 10-year bond
TMUBMUSD10Y,
2.966%
yield fell a tick to 2.97% .
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