US reports July CPI, IP, and housing starts/building permits - BBH

Research Team at BBH, suggests that during the North American session, the US reports July CPI, IP, and housing starts/building permits. 

Key Quotes

“Consumer prices are expected to be flat in July for a 0.9% year-over-year increase (from 1.0% in June).  The core rate is expected to be steady at 2.3%.   If the median forecasts are in error, we suspect the risk is on the upside, perhaps due to medical service costs picked up in last week's PPI report. 

Industrial and manufacturing output are expected to have increased, albeit at a slower pace than June.  Industrial output is expected to have risen 0.3% after 0.6% in June (though we suspect the risk here is on the upside perhaps due to utility output). Manufacturing production is expected to have risen by 0.3% after a 0.4% rise in June.  If this is accurate, it would be the first time since March-April 2015 that manufacturing output rose two consecutive months.   The Fed’s Lockhart speaks today.

Elsewhere, Canada reports June manufacturing sales.  Soft Canadian data recently has many in the market looking for more BOC easing.”