Investors are looking ahead to an August consumer-price index report on Thursday that has the potential to curb the Federal Reserve’s enthusiasm for interest-rate cuts beyond September.

The Fed meets September 17 and is widely expected to cut the current funds rate of 4.25% to 4.25% for the first time this year. It has held off to monitor the path of tariff inflation through the nation's supply chain and to determine if those price increases would be a one-time bump or linger into consumers' wallets.

Last week's jobs report makes a Federal Reserve interest-rate cut all but certain this month, but there are a few more data points that could help determine the pace of cuts. Here's what to watch this

Markets are keenly awaiting the August 2025 US CPI data, as it gets released before the US Fed's FOMC meeting next week.

The official COLA is still two months away, but July's inflation data has led multiple experts to the same prediction.

The EUR/USD keeps trading within previous ranges with the Euro a tad weaker as investors bid their time ahead of the outcome of the ECB's monetary policy meeting and the release of August´s US CPI figures. The US Dollar Index is showing a mild positive tone, but market volatility is likely to remain at relatively low levels.

President Trump's tariff and trade policy is expected to boost Social Security's 2026 cost-of-living adjustment (COLA).