1003 ET - With the CPI and PPI prints now in hand, Oxford Economics forecasts headline PCE inflation--what has been the Fed's preferred inflation measure--will rise 3.6% year-over-year for July down slightly from 3.7% in June. The PCE report is set to arrive later this month. "However, with services disinflation still in the pipeline, and a labor market that is far from overheating, we think the Federal Reserve will remain on hold for the rest of 2026," the note says.