All eyes are on the July CPI print this morning. Here's what to watch for:

-- Economists surveyed by The Wall Street Journal expect the report to show consumer prices to have increased 0.1% month-over-month after decreasing 0.4% in June.

-- On a year-over-year basis, inflation is expected to have increased 3.4%, down slightly from 3.5% in June.

-- Excluding volatile food and energy prices, core CPI is expected to have increased 0.2% for the month and 2.5% from a year ago.