With the FOMC split and inflation still above target, the August 12 data release could settle the September rate debate. The Bureau of Labor Statistics releases the July 2026 Consumer Price Index report on August 12 at 8:30 a.m. By the time officials gather in September, they will also have the August inflation report and the latest labor market numbers in hand. The labor market adds another layer. The Fed will have exactly two major CPI releases and a handful of jobs reports to work with before then.