Traders hope this week's CPI data will support the Fed's move to start cutting interest rates at its next meeting in September.

All eyes are on this week's U.S. Consumer Price Index (CPI) report, which traders hope will give the Fed the ammunition it needs to start cutting interest rates at its next meeting in September. Given that Powell may soon lay out his rate cut plans at the Jackson Hole Economic Symposium, traders question whether the market will move higher when he speaks than after inflation data is released. Powell's message later this month may help investors predict how many rate cuts there will be in the coming year, after he hinted in late July that policymakers may lower borrowing costs at their September meeting. (Jinshi)