Goldman Sachs Research previews the US July CPI report due on Wednesday.

 "We expect a 0.19% increase in July core CPI (vs. +0.2% consensus), corresponding to a year-over-year rate of +2.47% (vs. +2.5% consensus). We expect a 0.05% increase in headline CPI (vs. +0.1% consensus), reflecting lower energy prices. Our forecast is consistent with a larger 0.26% increase in core PCE in July, reflecting a large increase in its portfolio management component," GS notes.

"Looking beyond July, we expect monthly core CPI increases of around 0.2% over the next couple of months, reflecting the continued slowdown in the shelter categories, shrinking contributions from tariff-related price increases, and the reversal of upward pressure on airfares from higher jet fuel prices, though risks are tilted to the upside if disruptions to oil markets and associated oil price increases prove more persistent than expected," GS adds.