Forget the Fed Meeting! The Most Important Inflation Metric Is Being Released Today.

But the most telling data point on inflation and the future of interest rates is set to be released today, July 30, at 08:30 a.m. However, headline inflation hasn't historically been the preferred metric used by FOMC policymakers when making interest rate decisions. ET, the BEA will release the Personal Consumption Expenditures (PCE) data. What's noteworthy about Core PCE is that forecasts for June and July have hardly budged despite headline inflation dipping from 4.2% in May to 3.5% in June. On the other hand, a hotter-than-anticipated Core PCE figure today would represent a worst-case scenario for the second-priciest stock market in history.