Strong increases in housing and food costs drove U.S. consumer inflation higher in August, marking the steepest rise in seven months. Meanwhile, a recent surge in first-time jobless claims appears to support market expectations of a Federal Reserve interest rate cut on Wednesday.

In the upcoming week, jobless claims and housing data are set to be released, offering insights into the economy’s health. However, attention may shift as corporate earnings reports emerge, potentially stealing the spotlight from traditional economic indicators.