Economists and market analysts are closely watching the upcoming release of the June Consumer Price Index (CPI) report, scheduled for Thursday at 8:30 AM ET. The median forecast for headline CPI inflation is 3.1% year-over-year, down from 3.3% in May. On a monthly basis, June inflation is expected to rise 0.1%. Major financial institutions such as JPMorgan, Citi, BMO, and Barclays have also forecasted a 3.1% increase. FactSet economists anticipate a similar rise. Options markets are pricing in a 0.6% move for the CPI print, with implied volatility around 14%. The VIX has seen an uptick, indicating increased demand for upside calls. Polymarket traders are predicting just a 46% chance of the CPI meeting expectations, with a 19% chance of it exceeding 3.1%. The market's reaction to the CPI data will be critical, as it could influence the Federal Reserve's future monetary policy decisions. Additionally, the June Producer Price Index (PPI) report will follow on Friday, providing further insights into inflation trends.