On an annual basis, inflation came in at 3.4%, easing modestly from June's 3.5% pace. The readings were in line with Dow Jones consensus forecasts, a result that appeared to reassure markets already sitting near record territory heading into the report. Jeffrey Roach, chief economist at LPL Financial, said the report showed inflation remains elevated but continues moving in a favorable direction. That reversal left major indexes still hovering just below their recent record highs heading into Wednesday's inflation data. With Wednesday's inflation data now in hand and largely matching expectations, investors are likely to shift their attention toward additional economic releases and the Federal Reserve's policy deliberations heading into its September meeting.