Here comes CPI …

The Department of Labor will release its monthly consumer price index (CPI) at 8:30 a.m. ET.

Economists forecast that the gauge of consumer-price changes was flat in May amid low gas prices, and up 2% year-on-year, according to Bloomberg. Excluding volatile food and energy costs, so-called core CPI is forecast to rise 0.2% from April, and 2% from May 2016.

This data comes ahead of the end of the Fed’s two-day meeting, after which it’s expected to announce a hike in interest rates. Interest-rate doves, who would rather delay further rate increases, would note that the Fed’s preferred gauge of inflation – personal consumption expenditures – has not reached its 2% target.

Fed officials, however, are likely to view soft inflation as being transitory, and point to the labor market’s gains.

More to come …