U.S. Consumer Prices Might Rise Further To This Level In June, Here's The Major Macro Issues For Wednesday

U.S. stocks closed lower on Tuesday ahead of earnings reports from major companies this week. PepsiCo, Inc. PEP reported better-than-expected earnings results for its second quarter on Tuesday.

Below is a look at the major economic reports scheduled for release today.

• The MBA's index of mortgage application activity for the latest week is scheduled for release at 7:00 a.m. ET.
• The Consumer Price Index for June will be released at 8:30 a.m. ET. Consumer prices are projected to rise 1.1% on the month in June following a much hotter-than-expected 1.0% increase in the previous month.
• The Atlanta Fed's Business Inflation Expectations survey report for July is scheduled for release at 10:00 a.m. ET.
• The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.
• The Treasury is set to auction 30-year bonds at 1:00 p.m. ET.
• The Federal Open Market Committee will release its Beige Book report at 2:00 p.m. ET.
• The U.S. Treasury budget statement for June will released at 2:00 p.m. ET. Analysts expect a $34.0 deficit for June, compared with a deficit of $66.2 billion in May and a year-ago gap of $174.2 billion.

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