The Fed will hold its next rate-setting meeting in September. Investors peg the chances of an interest rate cut at 86%, according to the CME FedWatch Tool, a measure of market sentiment.

The CME Group’s FedWatch Tool places the chance of a .25 rate cut in September at 86.4%. If this week’s July CPI report comes above the June pace of 2.72% year over year, the cost of essentials like groceries, gas, and rent will remain stubbornly high.

A fresh reading on inflation will greet investors as stocks have surged back to record highs despite fears of rising price increases and a slowing labor market.